Fibonacci Retracements Analysis 08.02.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

After rebounding from the group of upside fibo-levels, the EUR/USD pair resumed its decline. Consequently, in the nearest future the market may reach the target area at 1.0575 – 1.0565. After reaching it, the price may start a new ascending correction.

At the H1 chart, the downside targets are confirmed by local fibo-levels. As a result, on Wednesday the price may continue falling towards its closest target area.

EUR GBP, “Euro vs Great Britain Pound”

After all, the EUR/GBP pair failed to break the retracement of 38.2% and, as a result, resumed moving downwards. The closest target for bears is again the group of fibo-levels near the correctional retracement of 78.6%.

As we can see at the H1 chart, the target area at 0.8425 – 0.8415 is confirmed by local fibo-levels. On Wednesday, the price may complete the local correction and resume falling towards its targets.

RoboForex Analytical Department