Fibonacci Retracements Analysis 23.02.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is being corrected to the upside. The closest target for bulls is the retracement of 61.8% at 1.0608. If the price rebounds from this level, the market may resume moving downwards.

At the H1 chart, the local correction may take place in the nearest future. If later the pair rebounds from the retracement of 38.2%, the market may continue growing and break the previous high.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the retracement of 78.6%, which mean that it may resume moving upwards. The closest target for bulls is the retracement of 50% at 0.8577.

As we can see at the H1 chart, the pair completed the local correction and may continue growing. If later the price rebounds from the target area at 0.8520 – 0.8313, the market may start a short-term descending correction.

RoboForex Analytical Department