Fibonacci Retracements Analysis 18.01.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is still being corrected. The price reached the retracement of 38.2% and may start a short-term growth. However, later the market may resume growing to reach the retracement of 50% at 1.0820.

As we can see at the H1 chart, yesterday the pair reached a new low and rebounded from the group of upside fibo-levels. As a result, in the nearest future the market may fall towards the area at 1.0580 – 1.0560.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the channel’s downside border and several local fibo-levels, which means that the price may resume moving upwards. The closest target is the area at 0.8890 – 0.8860. After reaching it, the market may start a descending correction.

As we can see at the H1 chart, the pair rebounded from the group of local fibo-levels and is still moving inside the ascending channel. Probably, on Wednesday the market may resume growing towards the previous high.

RoboForex Analytical Department