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.
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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