Fibonacci Retracements Analysis 06.09.2016 (EUR/USD and EUR/GBP)

Having rebounded from the correction level 50%, the market started falling. It is not impossible that in the near-term the pair tests the lower group of Fibonacci levels (1.1100). If there is a rebound from this price area, we can see a local correction.



On 1-H chart the lower targets are confirmed by the intraday Fibonacci levels. As such, in the near-term the local low can be broken out. It is noteworthy that if the target area is broken out, the market can accelerate its rate of falling.

EUR GBP "Euro vs. Great Britain Pound"



The cross has come close to the target group of Fibonacci levels at about 0.8350. If the pair rebounds from this price area, an ascending correction towards 38.2% is possible.



On 1-H chart the lower targets are strengthened by the intraday Fibonacci levels. As such, if in the near-term we see a rebound from this target area, a bullish correction will come to the fore later.