Fibonacci Retracements Analysis 17.05.2017 (EUR/USD, EUR/GBP)

EUR USD "Euro vs US Dollar"

After the pair rebounded from 38.2% mark it resumed rising, and at the moment we can see the price trying to reach a group of Fibo-levels at 1.1130. If the pair rebounds from this price zone in the coming few hours, a descending correction can occur.

On the H1 chart the upper targets are confirmed by the intraday Fibo-levels. In the course of the day the local high can be broken, but a bearish correction move is just around the corner.

EUR GBP "Euro vs Great Britain Pound"

The cross keeps rising steadily after it rebounded from the group of Fibo-levels. In the near-term, after a descending local correction is over, we can see the price to go higher towards a target near 0.8685 - 0.8715.

The market has worked out the target zone near 0.8605 and formed a rebound from this group of Fibo-levels. The nearest target for the current downside movement is 38.2% mark which can be a starting point for climbing higher.