Analysis for September 22nd, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the correction became faster and reached the retracement of 61.8%. At the same time, after finishing the local correction, the price may continue growing towards the retracement of 78.6%. After reaching it, the market may resume moving downwards.
At the H1 chart, the target of the local correction is the retracement of 23.6%. If later the market rebounds from this level upwards, the pair may resume growing towards the closest group of fibo-levels at 1.1285.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is still consolidating. It’s highly likely that in the nearest future the price may resume growing to reach the group of upside fibo-levels at 0.8645. If later the price rebounds from this area, it will start a new descending correction.
At the H1 chart, yesterday the pair bounced from the correctional retracement of 61.8%. Consequently, in the nearest future the price may resume moving upwards and break the local high. Moreover, the upside targets are confirmed by intraday fibo-levels.
RoboForex Analytical Department