Fibonacci Retracements Analysis 20.01.2017 (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 local correction; the target is the closest group of fibo-levels at 1.0580 – 1.0560. If later the price rebounds from this area, it may resume growing to reach the retracement of 50%.

At the H1 chart, the pair rebounded from the local correctional retracement of 61.8% and resumed its decline. As a result, in the nearest future the market may continue moving downwards to reach the area near its previous lows.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the channel’s downside border, which means that it may resume moving upwards. Consequently, in the nearest future the market may continue growing to reach the group of upside fibo-levels at 0.8890 – 0.8880.

At the H1 chart, the correctional retracement of 61.8% provided support. As a result, on Friday bulls may try to start a new rally. In this case, the market may break the local high very soon.

RoboForex Analytical Department