Fibonacci Retracements Analysis 05.10.2016 (EUR/USD, EUR/GBP)

05.10.2016

Analysis for October 5th, 2016

EUR USD, “Euro vs US Dollar”

Yesterday, the EUR/USD pair rebounded from the retracement of 78.6% for the second time and, as a result, started moving upwards. On Wednesday, the correction may take place, but later the market is expected to start a short-term growth towards the previous high.



As we can see at the H1 chart, the area, from which the pair rebounded yesterday, was confirmed by several intraday fibo-levels. In the nearest future, the price may continue growing and reach the group of fibo-levels at 1.1285.




EUR GBP, “Euro vs Great Britain Pound”

After rebounding from the retracement of 78.6%, the EUR/GBP pair is still moving upwards. The closest target for bulls is the group of fibo-levels at 0.9090 – 0.9030. If the price rebounds from this area, the market will start a new descending correction.



At the H1 chart, the closest target is the group of retracements at 0.8875. If the pair rebounds from this area, it may start a short-term bearish correction.



 
RoboForex Analytical Department

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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 bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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