Fibonacci Retracements Analysis 06.02.2017 (EUR/USD, EUR/GBP)
EUR USD, “Euro vs US Dollar”
After rebounding from the retracement of 50% and several local fibo-levels, the EUR/USD pair resumed its decline. If the price fixes below the retracement of 38.2% at 1.0705, the market may continue moving downwards to reach the target area at 1.0575 – 1.0565.
As we can see at the H1 chart, the upside target area, from which the price rebounded earlier, is confirmed by several local fibo-levels. It’s highly likely that during the next several days the market may continue falling towards the group of fibo-levels at 1.0575 – 1.0565.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair rebounded from the correctional retracement of 38.2%, which means that the price may resume falling. The closest target for bears is the group of fibo-levels close to the retracement of 78.6% at 0.8420.
At the H1 chart, the retracement of 38.2%, which provided resistance, is confirmed by several local fibo-levels. It looks like in the nearest future bears may continue pushing the price towards the previous low.
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