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Fibonacci Retracements Analysis 05.01.2017 (EUR/USD, EUR/GBP)

Analysis for January 5th, 2017

EUR USD, “Euro vs US Dollar”

After rebounding from the group of downside fibo-levels several times, the EUR/USD pair started a new ascending correction. The price couldn’t reach the retracement of 78.6% on the first try. As a result, in the nearest future the market may resume growing towards this level.

As we can see at the H1 chart, the closest target of the current descending correction is the retracement of 50% at 1.0455. If later the market rebounds from this level, the price may resume its growth and break the local high.  

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the retracement of 38.2% and several local fibo-levels. As a result, after finishing the local correction, the market may resume its decline and break the December’s lows.

At the H1 chart, the pair rebounded from the correctional retracement of 61.8%. Consequently, in the nearest future the market may resume falling and break the local low. The downside targets are confirmed by intraday fibo-levels.

RoboForex Analytical Department

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