Fibonacci Retracements Analysis 16.01.2017 (EUR/USD, EUR/GBP)
16.01.2017Analysis for January 16th, 2017
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the group of upside fibo-levels twice and started a new decline. It’s highly likely that in the nearest future the market may continue falling.
As we can see at the H1 chart, the area reached by the pair is confirmed by local fibo-levels. On Monday, the price may be corrected towards the retracement of 38.2%. If the pair rebounds from this level, the market will resume falling to reach the closest target at 1.0540.
EUR GBP, “Euro vs Great Britain Pound”
The trading session was opened with a gap to the downside and, as a result, the EUR/GBP pair started a new descending correction. However, later the price may resume moving upwards and break the local high. The closest target is the retracement of 61.8% at 0.8895.
At the H1 chart, the current local correction may be supported by the intraday retracement of 61.8% at 0.8753. If later the pair rebounds from this level, the market may resume moving upwards to reach its upside targets. After reaching them, bears may try to reverse the price to the downside.
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Attention!Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.