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Fibonacci Retracements Analysis 10.03.2016 (EUR/USD, EUR/GBP)

Analysis for March 10th, 2016

EUR USD, “Euro vs US Dollar”

Probably, the correction has turned out to be quite short and right now Eurodollar is starting a new descending movement. The closest target is the group of fibo-levels at 1.0675. If later the price rebounds from this area, the market may start another local correction.

At the H1 chart, the downside targets are confirmed by local retracements. It’s highly likely that on Thursday the pair may break the minimum reached last week. It looks like in the nearest future Eurodollar may continue falling.

EUR GBP, “Euro vs Great Britain Pound”

After rebounding from the local correctional retracement of 38.2%, Europound has resumed its decline. The closest target for bears is the group of fibo-levels at 0.7610.

At the H1 chart, the pair has rebounded from the local retracement of 61.8% and started falling. The market may reach its targets within the next 24 hours.

RoboForex Analytical Department

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