Fibonacci Retracements Analysis 16.02.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

After rebounding from the target group of fibo-levels, the EUR/USD pair started the current correction. The closest target for bulls is the retracement of 50%. If later the price rebounds from this area, the market may start a new descending movement.

At the H1 chart, the upside target area at 1.0675 – 1.0660 is confirmed by local fibo-levels. On Thursday, the market may continue moving upwards.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the group of downside fibo-levels and, as a result, started the current correction. The closest target for bulls is the retracement of 38.2%. If later the price breaks this level, the market may continue moving upwards.

As we can see at the H1 chart, yesterday the pair rebounded from the local retracement of 78.6% and resumed its growth. During the day, the price may break the local high and then continue moving upwards to reach its upside targets.

RoboForex Analytical Department