Fibonacci Retracements Analysis 29.01.2016 (EUR/USD, EUR/GBP)
29.01.2016
Analysis for January 29th, 2016
EUR USD, “Euro vs US Dollar”
The market is still moving sideways. Yesterday Eurodollar resumed its decline after being just several pips shy to reach the group of upper fibo-levels. Consequently, in the nearest future the market may continue falling inside flat towards its downside targets.
At the H1 chart, the downside targets are confirmed by local retracements. It’s highly likely that after completing the local correction, the pair may resume falling towards the minimum reached earlier.
EUR GBP, “Euro vs Great Britain Pound”
In case of Europound, the uptrend continues. The closest target is the area at 0.7840. It looks like in the future the pair will continue moving upwards.
As we can see at the H1 chart, the market has rebounded from the retracement of 78.6%, which means that the local correction may complete. Considering this, in the future the pair may move to reach the group of upper fibo-levels at 0.7840.
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