Fibonacci Retracements Analysis 19.01.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

After rebounding from the correctional retracement of 38.2%, the EUR/USD pair started a new correction. As a result, in the nearest future the market may fall towards the group of local fibo-levels at 1.0580 – 1.0560. If later the price rebounds from this area, it may resume growing.

At the H1 chart, the local correction is taking place. Possibly, on Thursday the pair may test the local retracement of 61.8%. If the price rebounds from this level, the current descending correction may continue.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still moving close to the ascending channel’s downside border. If the price rebounds from it, the pair may resume moving upwards to reach the group of upside fibo-levels at 0.8890 – 0.8880.

As we can see at the H1 chart, the pair rebounded from the several local fibo-levels, which make the channel’s downside border even more important. As a result, on Thursday bulls may try continue pushing the price upwards. In this case, the market may break the local high very soon.

RoboForex Analytical Department