Weekly Fibonacci Retracements Analysis 06.03.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

At the daily chat, the EUR/USD pair is still consolidating. Possibly, after finishing the local correction the price may resume moving downwards to reach the group of fibo-levels at 1.0425 – 1.0385. if later the pair rebounds from this area, the market may reverse and start a new growth.

At the H4 chart, the price is testing the correctional retracement of 38.2%. However, the current correction may yet continue to reach the retracement of 50%. If later the pair rebounds from this level, the market may resume falling.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still moving upwards. The closest target for bulls is the group of fibo-levels at 0.8920 – 0.8880. If later the price rebounds from this area, the market may start a new descending correction.

However, as we can see at the H4 chart, the group of fibo-levels at 0.8675 – 0.8660 may provide resistance. If the price rebounds from this area, the pair may start a local correction, which may later be followed by a new growth.

RoboForex Analytical Department