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Fibonacci Retracements Analysis 16.03.2016 (EUR/USD, EUR/GBP)

Analysis for March 16th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the group of local retracements at 1.1180, Eurodollar has started another decline, which may continue during the day. 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 earlier, is confirmed by local retracements. 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 updated its local high, but was a bit shy to reach the group of upper fibo-levels. It’s highly likely that in the nearest future the market may start another descending correction or even resume falling inside the downtrend.

At the H1 chart, the market is trying to rebounds from the group of local retracements. The closest target for bears is the area between 0.7805 and 0.7810. If the price breaks it, the pair will continue falling much deeper.

RoboForex Analytical Department

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