Fibonacci Retracements Analysis 18.05.2017 (EUR/USD, EUR/GBP)

EUR USD "Euro vs US Dollar"

The EUR/USD pair has rebounded from the Fibo-levels near 1.1130 and this suggests a start of a descending correction. The nearest target for the bears is the 50% mark (1.1005).

On the H1-chart the correction mark 50% is being strengthened by the intraday Fibo-levels. If there is a rebound from this area afterwards, the rise can possibly resume.

EUR GBP "Euro vs Great Britain Pound"

The market has rebounded from the local Fibo-levels near 0.8605 that gave the space for a correction. Currently, the pair is trying to rebound from the 38.2% mark. If it manages to hold above it, we can see a further rise. That said, if the 38.2% is broken, the correction can deepen.

As we can see on the H1-chart, the market is being traded on the Fibo-level 38.2%. If the pair breaks through 23.6% (0.8560) and holds above it, this can be deemed as confirmation of this rise.