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Home / Analytics / Forex analysis & forecasts / Forex Technical analysis and forecasts / Fibonacci Retracements Analysis 08.09.2016 (EUR/USD and EUR/GBP)
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Fibonacci Retracements Analysis 08.09.2016 (EUR/USD and EUR/GBP)

08.09.2016
Fibonacci Retracements Analysis, 08.09.2016

EUR USD "Euro vs. US Dollar"

Fibonacci Retracements Analysis, 08.09.2016

EUR/USD has worked out its target correction level 78.6%, slightly crossed this line and tested a local group of Fibonacci levels along the way. Therefore, in the near term we can see a descending correction.

Fibonacci Retracements Analysis, 08.09.2016

As we can see on 1-H chart, at the moment the market is trading at Fibonacci level 78.6%. If it is able to hold under this level, this can be deemed as start of a correction. The nearest target of this possible downward move is 61.8% (1.1261).

EUR GBP "Euro vs. Great Britain Pound"

Fibonacci Retracements Analysis, 08.09.2016

The same situation can be seen on the cross pair. Here the price stopped only few pips before 61.8%. As such, in the short term we can see a descending move towards 50% (0.8402).

Fibonacci Retracements Analysis, 08.09.2016

On 1-H chart we see that the correction level 50% is confirmed by a local Fibonacci level. If we see an upward rebound from this price area, the price can rise even further.

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