Fibonacci Retracements Analysis 26.10.2016 (EUR/USD, EUR/GBP)

26.10.2016

Analysis for October 26th, 2016

EUR USD, “Euro vs US Dollar”

Just we expected, the EUR/USD pair rebounded from the group of fibo-levels and started a new correction. It’s highly likely that in the nearest future the market may resume falling. The closest target is the area at 1.0790.



As we can see at the H1 chart, the closest target of the ascending current correction is the retracement of 38.2%. If the price rebounds from this level soon, the market may resume its descending movement towards the downside targets.




EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair finally rebounded from the correctional retracement of 38.2% and started a new ascending movement. It’s highly likely that in the nearest future the market may continue growing to reach the downside border of the closest group of fibo-levels.



As we can see at the H1 chart, the pair rebounded not only from the retracement of 38.2%, but from several local fibo-levels as well. Consequently, in the nearest future the market may grow to reach the group of fibo-levels at 0.9025.



 
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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