Fibonacci Retracements Analysis 11.10.2016 (EUR/USD, EUR/GBP)


Analysis for October 11th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is again testing the group of fibo-levels near the correctional retracement of 61.8%. If the price rebounds from this area in the nearest future, the market may start a new ascending correction.

At the H1 chart, the pair is trying to rebound from the target area, which is confirmed by intraday fibo-levels as well. If the pair succeeds, bulls will push the price towards the closest resistance area at 1.1160.

EUR GBP, “Euro vs Great Britain Pound”

In case of the EUR/GBP pair, the correction may yet continue. Earlier, the price reached its upside targets and rebounded from them. Consequently, in the nearest future the market may fall towards the retracement of 38.2%.

As we can see at the H1 chart, the pair is attempting to rebound from its upside targets, which earlier provided resistance. Consequently, in the nearest future the market may fall to reach the group of fibo-levels at 0.8910.

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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.