Fibonacci Retracements Analysis 17.01.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is again testing the group of fibo-levels near the retracement of 61.8% at 1.0670. If the price rebounds from this area and fixes below it, bears may try to start a new decline towards the local low.

At the H1 chart, the pair is trying to rebound from the correctional retracement of 78.6%. If the price succeeds in the nearest future, it may resume falling. The closest target is the group of local fibo-levels at 1.0540.

EUR GBP, “Euro vs Great Britain Pound”

After yesterday’s gap, the EUR/GBP pair is still consolidating. On Tuesday, the price may continue moving upwards to reach the closest group of fibo-levels at 0.8890 – 0.8860. If later the pair rebounds from this area, the market may start a descending correction.

As we can see at the H1 chart, the pair may test the local correctional retracement of 61.8% at 0.8752. If bulls rebound from this level, they may start a new growth and break the local high.

RoboForex Analytical Department