Fibonacci Retracements Analysis 22.02.2017 (EUR/USD, EUR/GBP)

22.02.2017

EUR USD, “Euro vs US Dollar”

Yesterday, the EUR/USD pair reached a new low, which means that it may continue falling. In the nearest future, the local correction may take place to reach the retracement of 38.2%. If the price rebounds from this level, the market may resume moving downwards to reach the group of fibo-levels at 1.0445 – 1.0440.

At the H1 chart, the correctional retracement of 38.2% is confirmed by intraday fibo-levels. During the day, the market may start a shot-term growth to reach its targets.

 

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the retracement of 78.6%, which mean that it may resume moving upwards. The closest target for bulls is the correctional retracement of 61.8%.

As we can see at the H1 chart, the pair rebounded from the downside target area, which is confirmed by local fibo-levels. Consequently, on Wednesday the market may move upwards to reach its target area at 0.8520 – 0.8510.

 

RoboForex Analytical Department

 

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.