Fibonacci Retracements Analysis 01.03.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair rebounded from the retracement of 61.8% several times and, as a result, resumed moving downwards. The closest target for bears is the group of fibo-levels at 1.0445 – 1.0440. If later the price rebounds from this area, the market may start a new correction.

As we can see at the H1 chart, yesterday bulls made another attempt to break the retracement of 61.8%, but failed. On Wednesday, the pair may continue falling to reach its downside targets, which are confirmed by local fibo-levels.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the retracement of 78.6% twice and, as a result, resumed moving upwards. In the future, after finishing the local correction, the price may continue growing to reach the group of upside fibo-levels at 0.8645 – 0.8635.

At the H1 chart, the closest target of the local correction is the retracement of 38.2% at 0.8492. If later the price rebounds from this area, the market may resume moving upwards and break yesterday’s high.

RoboForex Analytical Department