EUR USD, “Euro vs US Dollar”
The EUR/USD pair failed to break the group of fibo-levels at 1.1140 – 1.1130 and, as a result, started a short-term growth. Consequently, the price may test the area at 1.1230 – 1.1210 again. If the pair rebounds from this area, the market may resume falling.
At the H1 chart, the pair may test the local retracement of 61.8% at 1.1230. If the price rebounds from this level, the market may start a new descending correction.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair failed to stay above the group of local fibo-levels, which means that it may start a new descending correction. The closest target is the area at 0.8610. If later the price rebounds from this area, the pair may start a new correction.
As we can see at the H1 chart, the downside targets are confirmed by intraday fibo-levels. Earlier, the pair rebounded from its upside targets. Consequently, after completing the correction, the price may break the previous low and reach the closest bearish targets.
RoboForex Analytical Department