Fibonacci Retracements Analysis 02.03.2017 (EUR/USD, EUR/GBP)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the correctional retracement of 61.8% twice, which means that the local ascending correction may continue. However, later the price may resume moving downwards to reach the group of fibo-levels at 1.0445 – 1.0440.
At the H1 chart, the price may again test the correctional retracement of 38.2%, which earlier provided resistance. If the pair rebounds from this level, the market may start a new descending movement towards its downside targets.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair rebounded from the retracement of 78.6% twice and, as a result, resumed moving upwards. On Thursday, the price may continue growing to reach the group of upside fibo-levels at 0.8645 – 0.8635.
At the H1 chart, the local correction is about to complete. In the nearest future, the market may break the previous high. Consequently, later the price may reach its upside targets, which are confirmed by intraday fibo-level.
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