Fibonacci Retracements Analsis 09.09.2016
EUR USD "Euro vs. US Dollar"
After the yesterday’s rebound from a local group of Fibonacci levels (1.1320) EUR/USD began consolidating. It may happen that during the day the market tries to test a price area at about 1.1300 once again. If this area is rebounded from, a descending correction may occur.
On 1-H chart it is possible to see a local high, but if the pair rebounds from the price target, a short-term decline (at least) will be possible. The nearest target is a group of Fibonacci levels at 1.1230.
EUR GBP "Euro vs. Great Britain Pound"
The cross pair has even formed a double rebound from 61.8% which suggests a possible descending correction. The nearest reference point for the bears here is a correction level 50% (0.8410).
On 1-H chart the upper price has been rebounded from, and this area is confirmed by local Fibonacci levels. In the short term we might see the market declines towards 50% mark. This mark is a region where local levels are found as well.