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Fibonacci Retracements Analysis 11.03.2016 (EUR/USD, EUR/GBP)

Analysis for March 11th, 2016

EUR USD, “Euro vs US Dollar”

Yesterday the pair made a very fast ascending movement, but was stopped by the group of local retracements at 1.1180. Possibly, the market may resume its decline, at least inside the current flat pattern. In this case, the closest target will be the area between 1.0960 and 1.0930.

The target area, from which the price rebounded yesterday, was confirmed by local retracements as well. On Friday, the pair may start moving downwards to reach the closest group of fibo-levels near the retracement of 61.8%.

EUR GBP, “Euro vs Great Britain Pound”

The pair has rebounded from the group of local fibo-levels, which means that it may resume 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 downside target area is confirmed by local retracements. The market may reach its targets at the beginning of the next week.

RoboForex Analytical Department

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