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Fibonacci Retracements Analysis 06.01.2017 (EUR/USD, EUR/GBP)

Analysis for January 6th, 2017

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is trying to rebound from the correctional retracement of 50%, which means that it may start a new local descending correction. Later, the market may resume growing and test the retracement of 61.8%.  

As we can see at the H1 chart, the pair is again testing the group of fibo-levels reached yesterday. It’s highly likely that in the nearest future the market may be corrected with the target at the retracement of 38.2%.  

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 then break the December’s lows.

At the H1 chart, the pair may probably test the correctional retracement of 61.8% one more time. If the price rebounds from this level again, the market may resume falling and break the local low.

RoboForex Analytical Department

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