Fibonacci Retracements Analysis 14.10.2016 (EUR/USD, EUR/GBP)

14.10.2016

Analysis for October 14th, 2016

EUR USD, “Euro vs US Dollar”

Yesterday, the EUR/USD pair rebounded from the group of local fibo-levels and started a new ascending correction, which may yet continue for a while. Later, the price may resume falling towards the downside target area at 1.0845.



As we can see at the H1 chart, the local correction rebounded from the intraday retracement of 61.8%, which means that the ascending correction may yet continue towards the retracement of 38.2%. If later the price rebounds from this level, the market will resume falling.




EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the group of upside fibo-levels and started the current correction. In the nearest future, the price may move towards the retracement of 38.2%. If later the market rebounds from this level, it may start a new growth.



At the H1 chart, yesterday the pair rebounded from the local correctional retracement of 50% and resumed falling. The closest target is the retracement of 38.2%. If the price breaks it, the correction will 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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