Fibonacci Retracements Analysis 24.05.2017 (EUR/USD, EUR/GBP)

EUR USD "Euro vs US Dollar"

The EUR/USD pair rebounded from the upper group of Fibo-levels and triggered a bearish correction. The nearest target is a price area near 1.1130 - 1.1120. If this area is broken through, the price can move downwards to reach the next group of levels near 1.1020 - 1.0980.

On the H1-chart there is a local ascending correction taking place at the moment. The nearest target for it is the Fibo-level 61.8% (1.1230). If this level is rebounded from, the pair can move further downwards towards the said lower targets.

EUR GBP "Euro vs Great Britain Pound"

The cross is testing the group of Fibo-levels which earlier acted as a support. In addition, the pair is trying to rebound from the local correction mark 38.2%. Therefore, a further rise towards an area near 0.8710 - 0.8685 is possible. If the price rebounds from the lower edge of this area, this can be seen as a signal for a descending correction.

On the H1-chart the achieved correction mark 38.2% is confirmed by intraday Fibo-levels. It is not improbable that a rebound from the last high occurs in the course of the day.