Fibonacci Retracements Analysis 12.10.2016 (EUR/USD, EUR/GBP)


Analysis for October 12th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair “plummeted” and reached the group of local fibo-levels, which means that it may start a new ascending correction. The closest target is the retracement of 38.2%. If the price rebounds from this level, the market may start a new descending movement.

As we can see at the H1 chart, the correctional retracement of 38.2% is confirmed by local fibo-levels as well. However, if this level is broken, the pair may start a more serious correction.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from its upside targets and right now the correction continues. It’s highly likely that in the nearest future bears may test the retracement of 38.2%. The future scenario depends on how the price will move there.

At the H1 chart, the pair managed to fix below the group of upside fibo-levels, which means that the correction may yet continue. If the market breaks the retracement of 38.2%, it will continue moving towards the one of 50%.

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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.