Fibonacci Retracements Analysis 07.03.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair rebounded from the correctional retracement of 38.2% several times and resumed falling. In the nearest future, the market may continue moving downwards to reach the area at 1.0445 – 1.0440.

As we can see at the H1 chart, the retracement of 78.6% provided resistance. 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, 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 upside target area is confirmed by local fibo-levels. On Tuesday, the market may continue falling towards the retracement of 38.2%. If later the price rebounds from this level, the pair may resume moving upwards.

RoboForex Analytical Department