Fibonacci Retracements Analysis 03.02.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair failed to fix above the retracement of 50% and, as a result, started falling. The closest target for bears is the retracement of 38.2%. If later the price breaks this level, the market may continue moving downwards to reach the target area at 1.0575 – 1.0565.

As we can see at the H1 chart, there are several local fibo-level near the retracement of 38.2%. As a result, if the price fails to break this area, the market may start a new ascending correction.

EUR GBP, “Euro vs Great Britain Pound”

In case of the EUR/GBP pair, the correction continues. Possibly, in the nearest future the market may test the retracement of 38.2% again. If the pair rebounds from this level, the market will start a new descending movement.

Yesterday, the pair rebounded from the correctional retracement of 78.6% and resumed its growth. If later the price rebounds from the area at 0.8660 – 0.8645, the market may resume falling towards its downside targets.

RoboForex Analytical Department