Fibonacci Retracements Analysis 21.02.2017 (EUR/USD, EUR/GBP)
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the ascending correction continues. In the nearest future, the market may test the retracement of 50% once again. If the price rebounds from this level, the market may resume moving downwards to reach the local low.
At the H1 chart, the pair is trying to rebound from the correctional retracement of 61.8%. If the price fixes above this level during the day, the market may start a shot-term growth to reach the previous high.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is trading near the retracement of 61.8%. If the price fixes above this level in the nearest future, the market may resume moving upwards to reach the retracement of 38.2%, which provides resistance. In case the pair breaks it, the price may continue growing much faster.
As we can see at the H1 chart, the target of the current local correction is the retracement of 78.6%. If the price rebounds from this level during the day, the market will resume moving upwards to reach its upside targets.
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