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Fibonacci Retracements Analysis 30.01.2017 (EUR/USD, EUR/GBP)

Article By RoboForex.com

EUR USD, “Euro vs US Dollar”

The EUR/USD pair failed to fix above the correctional retracement of 38.2%, which means that it may resume moving downwards. The closest target for bears is the group of fibo-levels at 1.0580 – 1.0570. If the price rebounds from this area, the market may start a local ascending correction.

At the H1 chart, the pair failed to stay above the local retracement of 61.8% and resumed its decline. During the day, the price may probably fall towards the area at 1.0580 – 1.0570, which is confirmed by intraday fibo-levels.

 

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is being corrected above the retracement of 61.8%. If the price fixes below this level, it will continue moving downwards. The closest target is the area at 0.8430 – 0.8420.

As we can see at the H1 chart, the local correctional retracement of 38.2% is a resistance level. On Monday, the price may test this level. In case it rebounds, the market may resume falling towards the closest downside targets.

 

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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