Fibonacci Retracements Analysis 26.01.2017 (EUR/USD, EUR/GBP)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still consolidating above the correctional retracement of 38.2%. If the price rebounds from this level during the day, the market may resume growing towards the area at 1.0835 – 1.0810.
As we can see at the H1 chart, the pair may test the retracement of 38.2% soon. If the price rebounds from this levels, it may resume moving upwards and break the local high. However, if bears break this level and keep the price below it, the market may start a deeper correction.
EUR GBP, “Euro vs Great Britain Pound”
Yesterday, the EUR/GBP pair broke the retracement of 61.8% and continued its decline. The closest target for bears is the group of fibo-levels at 0.8430 – 0.8420. if later the market rebounds from this area, it may start a descending correction.
At the H1 chart, the downside targets are confirmed by intraday fibo-levels. It’s highly likely that during the day the market may continue moving towards its target area.
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