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Fibonacci Retracements Analysis 15.03.2016 (EUR/USD, EUR/GBP)

Analysis for March 15th, 2016

EUR USD, “Euro vs US Dollar”

The pair’s ascending movement was stopped by the group of local retracements at 1.1180. Later, the market resumed its decline. The closest target for bears will be the area between 1.0960 and 1.0930, which may be reached until the end of the week.

The upside target area, from which the price rebounded last week, was confirmed by local retracements as well. One of these days, the pair may start moving downwards to reach the group of lower fibo-levels near the retracement of 61.8%.

EUR GBP, “Euro vs Great Britain Pound”

Europound has resumed moving upwards. The closest target for bulls is the group of fibo-levels at 0.7880. If the price rebounds from this area, bears will return to the market.

At the H1 chart, the upside targets are confirmed by local retracements. Earlier, the pair rebounded from the correctional retracement of 50%. It’s highly likely that on Tuesday the market may break last week’s high.

RoboForex Analytical Department

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