Fibonacci Retracements Analysis 06.03.2017 (EUR/USD, EUR/GBP)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the correctional retracement of 38.2% and several other levels close to it. Consequently, in the nearest future the market may resume moving downwards to reach the area at 1.0445 – 1.0440.
As we can see at the H1 chart, after rebounding from the upside fibo-levels, the price started a new descending movement. As a result, during the day the pair may continue falling and reach several new lows.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair rebounded from the correctional retracement of 38.2%. Consequently, in the future the price may start a new descending correction. The closest target for bears is the local retracement of 38.2%.
At the H1 chart, the pair rebounded from the target area and all orders were closed. On Monday, the market may continue falling towards the retracement of 38.2%, which is confirmed by local fibo-levels.
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