Fibonacci Retracements Analysis 07.10.2016 (EUR/USD, EUR/GBP)

07.10.2016

Analysis for October 7th, 2016

EUR USD, “Euro vs US Dollar”

After several rebounds from the retracement of 61.8%, the EUR/USD pair finally started falling. During the day, the local correction may continue, but later the market is expected to resume towards the downside fibo-levels at 1.1075.



At the H1 chart, the closest target of the current correction is the retracement of 38.2%. If the price rebounds from this level, the market will start a new decline. In addition to that, if the price breaks the downside target area, the market will continue falling much faster.




EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair reached its upside targets and may start a new descending correction. The closest target for bears is the retracement of 38.2%. If the price rebounds from this area, the market will start a new ascending movement.



As we can see at the H1 chart, the pair rebounded from its upside targets twice and now may start a new correction. If the price breaks the retracement of 38.2%, this correction may become deeper.



 
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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