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Fibonacci Retracements Analysis 23.01.2017 (EUR/USD, EUR/GBP)

Article By RoboForex.com

EUR USD, “Euro vs US Dollar”

The EUR/USD pair reached a new local high, which means that it may continue growing towards the group of fibo-levels at the correctional retracement of 50%. If later the price rebounds from this area, it may start a new descending correction.

At the H1 chart, the pair may start a new local correction towards the broken high. Later, the price may resume moving upwards to reach the closest group of fibo-levels at 1.0835 – 1.0810. Possibly, the market may rebound from this area start a correction.

 

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still moving inside the ascending channel. If the price rebounds from the channel’s downside border, it may resume moving upwards. 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 is trading very close to the channel’s downside border and trying to rebound from the group of local fibo-levels. If bulls rebound from this area, the market may start a new growth on Monday.

 

RoboForex Analytical Department

Article By RoboForex.com

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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