Fibonacci Retracements Analysis 07.02.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

After rebounding from the correctional retracement of 50%, the EUR/USD pair resumed its decline and then broke the retracement of 38.2%. Consequently, in the nearest future the market may continue moving downwards to reach the target area at 1.0575 – 1.0565.

As we can see at the H1 chart, the downside target area is confirmed by intraday fibo-levels. On Tuesday, the local correction may take place, but later the price is expected to continue falling.

EUR GBP, “Euro vs Great Britain Pound”

In case of the EUR/GBP pair, the ascending correction continues. The closest target for bulls is the group of fibo-levels at 0.8720 – 0.8705. If later the price rebounds from this area, the market may resume moving downwards.

Yesterday, after rebounding from the correctional retracement of 38.2%, the pair resumed its growth. On Tuesday, the price may break the previous low and continue growing towards its upside targets, which are confirmed by local fibo-levels.

RoboForex Analytical Department