Fibonacci Retracements Analysis 04.10.2016 (EUR/USD, EUR/GBP)
04.10.2016
Analysis for October 4th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the group of local fibo-levels close to the retracement of 78.6% for the second time. Consequently, on Tuesday the market may start a short-term growth towards the group of fibo-levels at 1.1205.
As we can see at the H1 chart, there are several local fibo-levels in the rebound area, which make it even more important. When the price rebounded from the above-mentioned area, I opened a buy order with the Stop Loss a bit lower than the previous low.
EUR GBP, “Euro vs Great Britain Pound”
In case of the EUR/GBP pair, the target is still the group of upside fibo-levels at 0.9090 – 0.9030. Yesterday, the price broke the high and in the future may continue moving upwards without any obstacles. Consequently, on Tuesday the market may continue growing.
At the H1 chart, the pair upside targets are confirmed by intraday fibo-levels. Earlier, the price rebounded from the correctional retracement of 61.8%. As a result, the market may continue moving upwards during the day.
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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.