Analysis for January 9th, 2017
EUR USD, “Euro vs US Dollar”
At the H4 chart, the EUR/USD pair rebounded from the group of downside fibo-levels several times and then started a new correction. It’s highly likely that in the nearest future the market may continue growing. The closest target for bulls is the retracement of 61.8%.
As we can see at the H1 chart, the target of the current local descending correction is the retracement of 50%. It’s highly likely that in the nearest future the market may rebound from this level and then resume growing towards the previous high.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is still being corrected. The price is testing the retracement of 38.2% once again. If the pair rebounds from this level during the day, bears may try to reverse the market to the downside and resume the downtrend.
As we can see at the H1 chart, the upside target area is confirmed by local fibo-levels. During the next several hours, the pair may break the high. If later the price rebounds from its upside targets, the market may resume falling.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.