Fibonacci Retracements Analysis 01.02.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

In case of the EUR/USD pair, the correction continues. Yesterday, the price rebounded from the retracement of 50% and broke the local high. In the nearest future, the market may continue moving upwards to reach the group of fibo-levels at 1.0935 – 1.0920.

At the H1 chart, the pair rebounded from several intraday levels and started consolidating. If later the price breaks the retracement of 50% at 1.0815 and fixe above it, the market may continue growing to reach its upside targets.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still being corrected as well. Possibly, in the nearest future the market may test the retracement of 38.2% again. If the pair rebounds from this level, the market will start a new descending movement.

As we can see at the H1 chart, the local correction is taking place and the pair is testing the retracement of 50%. If the price rebounds from this level, the market may resume growing towards the closest target area at 0.8660 – 0.8645.

RoboForex Analytical Department