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Fibonacci Retracements Analysis 22.03.2016 (EUR/USD, EUR/GBP)

Analysis for March 22nd, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has reached its target level and right now is moving close to it. It’s highly likely that after completing the local correction, the market will continue falling to reach the next target area at 1.1120.

At the H1 chart, the closest target of the current correction is at the retracements of 38.2%. If the market rebounds from this level, the price will continue moving downwards and reach a new local low.

EUR GBP, “Euro vs Great Britain Pound”

The pair is being corrected upwards. Earlier, the market rebounded from the group of upper fibo-levels. Later, the price may 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 61.8%. If the price rebounds from this level downwards, Europound may resume falling and break last week’s minimum.

RoboForex Analytical Department

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