Fibonacci Retracements Analysis 24.01.2017 (EUR/USD, EUR/GBP)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair from one of the local fibo-levels and started a new correction. It looks like in the nearest future the market may test the correctional retracement of 38.2%. If later the price rebounds from this level, it may start a new ascending movement to reach the retracement of 50%.
On Tuesday, the pair may start a new local correction towards the closest group of fibo-levels at 1.0720 – 1.0710. It’s highly likely that the price may rebound from this area and, as a result, the market may resume moving upwards.
EUR GBP, “Euro vs Great Britain Pound”
The current correction expanded the ascending channel. It looks like the price is resuming its growth. The closest target for bulls is the group of fibo-levels at 0.8890 – 0.8880.
As we can see at the H1 chart, the price failed to break the channel’s downside border and rebounded upwards quickly. Consequently, in the nearest future the price may start a new ascending movement to reach the local high.
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