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Fibonacci Retracements Analysis 23.03.2016 (EUR/USD, EUR/GBP)

Analysis for March 23rd, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar continues falling. After rebounding from the upper levels, the price reached the group of local retracements at 1.1195 – 1.1185, but didn’t started any proper correction from here. Consequently, on Wednesday the pair may continue falling to reach the next target area at 1.1120.

At the H1 chart, yesterday the price rebounded from the correctional retracement of 50% and then continued its decline. The market has already broken its local low, so it may reach its downside targets during the day.

EUR GBP, “Euro vs Great Britain Pound”

The pair has started another growth and right now the target is the area between 0.8000 – 0.7990. Possibly, on Wednesday the market may move towards its upside targets and reach a new local high.

At the H1 chart, the main targets are confirmed by local retracements. Right now, the market is consolidating, so I’ve decided to open a buy order. If the price rebounds from upside targets, Europound may start another correction.

RoboForex Analytical Department

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