Analysis for January 12th, 2017
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is testing the group of fibo-levels near the correctional retracement of 61.8%. if the price rebounds from this area in the nearest future, the pair may resume falling. However, if the price breaks this level and fixes above it, the market may continue the current correction towards higher targets.
At the H1 chart, the area reached by the pair is confirmed by local fibo-levels. On Thursday, the price may continue growing towards the main target at the retracement of 61.8%. If later the market rebounds from this level, bears may try to reverse the price to the downside.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is still consolidating. Earlier, the price rebounded from the local correctional retracement of 61.8% and started the current growth. In the nearest future, the market may continue moving upwards to reach the group of fibo-levels at 0.8890 – 0.8860.
At the H1 chart, the correctional retracement of 38.2% provided support, which means that the price may resume growing. The closest target for bulls is the group of local fibo-levels at 0.8810 – 0.8780. if later the market rebounds from this area, the pair may start a new local correction.
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.