Fibonacci Retracements Analysis 03.10.2016 (EUR/USD, EUR/GBP)


Analysis for October 3rd, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair rebounded from the group of downside fibo-levels and started growing fast. Consequently, in the nearest future the market may test the correctional retracement of 78.6% again. If the price rebounds from this level, it may resume moving downwards.

At the H1 chart, the upside targets are confirmed by local fibo-levels. After finishing the local correction, the market may resume falling and break local highs.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair reached a new high and is still moving upwards rather fast. The closest target is the group of upside fibo-levels at 0.9090 – 0.9030. If later the price rebounds from this area, the market may start a new correction.

At the H1 chart, the pair rebounded from the correctional retracement of 61.8% last Friday and then reached a new high. At the moment, the price is moving towards its local target at 0.8870. If later the market rebounds from this area, it may start a new descending correction.

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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.