Fibonacci Retracements Analysis 07.09.2016 (EUR/USD and EUR/GBP)

07.09.2016
Анализ по Фибоначчи на 7 сентября 2016

Fibonacci Retracements Analysis 07.09.2016

Анализ по Фибоначчи для EUR USD "Евро доллар" на 7 сентября 2016

The ascending correction on this chart has continued. The day before the price worked out a Fibonacci level 61.8%, and after that the current consolidation began. Therefore, if the bulls are able to break through this level in the near-term, the price can reach 78.6% Fibonacci level.

Анализ по Фибоначчи для EUR USD "Евро доллар" на 7 сентября 2016

As we can see on 1-H chart, in the near-term there can be yet another testing of a correction level 23.6%. If the price rebounds from this level, it can resume rising and break through the high.

EUR GBP "Euro vs. Great Britain Pound"

Анализ по Фибоначчи для EUR GBP "Евро к британскому фунту" на 7 сентября 2016

As we anticipated, the cross-pair has rebounded from a group of Fibonacci levels at about 0.8350. As such, we can see an ascending correction develop with the Fibonacci level 61.8% as the nearest target.

Анализ по Фибоначчи для EUR GBP "Евро к британскому фунту" на 7 сентября 2016

At the same time, as we can see on 1-H chart, the price can face a strong resistance at the correction level 38.2%. Correspondingly, it is the price rebounding from Fibonacci level 38.2% and holding above it that will be the signal to continue rising.
Attention!

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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