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Fibonacci Retracements Analysis 28.03.2016 (EUR/USD, EUR/GBP)

Analysis for March 28th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar is still moving sideways. During the day, the market may once again test the group of upper fibo-levels at 1.1200 – 1.1185. If the price rebounds from this area, the pair may continue falling towards its downside targets at 1.1065 – 1.1050.

At the H1 chart, the closest upside target is confirmed by local retracements. If the price rebounds from it during the day, the market is expected to resume falling and break the minimum reached last week.

EUR GBP, “Euro vs Great Britain Pound”

Europound is still being corrected. In the nearest future, the market may resume its ascending movement towards the group of upper fibo-levels between 0.8000 – 0.7990. If the price rebounds from this area, the marker may start a new descending correction.

At the H1 chart, right now the market is moving close to the retracement of 38.2%, which is considered as the target of the current correction. If the pair rebounds from this level upwards, it may resume growing and stay above last Fridays’ highs. Otherwise, the price may start a deeper descending correction.

RoboForex Analytical Department

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