Fibonacci Retracements Analysis 09.09.2016 (EUR/USD and EUR/GBP)

09.09.2016
Fibonacci Retracements Analsis 09.09.2016
EUR USD "Euro vs. US Dollar"


Fibonacci Retracements Analsis 09.09.2016

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.

Fibonacci Retracements Analsis 09.09.2016

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"

Fibonacci Retracements Analsis 09.09.2016

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).

Fibonacci Retracements Analsis 09.09.2016

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.
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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