Fibonacci Retracements Analysis 16.10.2015 (EUR/USD, EUR/GBP)

Analysis for October 16^th, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar has successfully rebounded from the retracement of 61.8%, which means that it may start a new descending movement. During the local correction, I opened a sell order. The closest target is the group of fibo-levels at 1.1290.



At the H1 chart, we can see the first downside target – the group of fibo-levels at 1.1310. Later, the pair may start a short-term ascending correction from this area.

EUR GBP, “Euro vs Great Britain Pound”

Europound has rebounded from one of the groups of fibo-levels, which means that the market may resume its decline. The closest target is the local area at 0.7275. Yesterday I opened another sell order.



As we can see at the H1 chart, the upper target area, from which the pair rebounded earlier, is confirmed by local retracements. It’s highly likely that in the nearest future the price may continue falling. The local target is the group of fibo-levels at 0.7320. If the price rebounds from this area, the market may start an ascending correction.



 
RoboForex Analytical Department