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Fibonacci Retracements Analysis 21.03.2016 (EUR/USD, EUR/GBP)

Analysis for March 21st, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the group of local retracements, the market has started another correction. The first target for bears is the area between 1.1195 and 1.1185. If the price breaks it, Eurodollar may form a much deeper descending correction.

At the H1 chart, the closest downside target is confirmed by intraday retracements. On Monday, after completing the local correction, the price may continue moving downwards to reach the targets specified on the chart.

EUR GBP, “Euro vs Great Britain Pound”

The market has rebounded from the group of upper fibo-levels and started another descending correction. On Monday, the price may complete the local correction and resume its descending movement towards the area between 0.7735 and 0.7725.

At the H1 chart, the possible target of the current correction is at the correctional retracement of 38.2%. if the price rebounds from this level, Europound may resume falling and break last week’s minimum.

RoboForex Analytical Department

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