Analysis for January 4th, 2017
EUR USD, “Euro vs US Dollar”
At the daily chart, the EUR/USD pair is trying to rebound from the group of fibo-levels, which means that it may start a new local correction. However, later the market may continue moving downwards to reach the area at 0.9970.
![](https://www.roboforex.ru/files/forecasts/jan2017/Image20170104125140001.png)
As we can see at the H4 chart, the pair rebounded from the closest group o fibo-level three times. The closest target is the retracement of 50%. If later the market rebounds from this level, the price may resume its decline.
![](https://www.roboforex.ru/files/forecasts/jan2017/Image20170104125140002.png)
EUR GBP, “Euro vs Great Britain Pound”
At the daily chart, the EUR/GBP pair is being corrected to the downside. The retracement of 38.2% provided resistance and the price may continue falling towards the retracement of 61.8%.
![](https://www.roboforex.ru/files/forecasts/jan2017/Image20170104125140003.png)
As we can see at the H4 chart, the pair rebounded from the retracement of 38.2% and several local fibo-levels. As a result, after finishing the local correction, the market may resume its decline and break the December’s lows.
RoboForex Analytical Department