Fibonacci Retracements Analysis for EUR/USD, and EUR/GBP on 16.09.2016

Fibonacci Retracements Analysis September 16, 2016

EUR/USD "Euro vs US Dollar"

АFibonacci Retracements Analysis for EUR/USD on 16.09.2016

Euro is still traded in the flat shape boundaries. Earlier market was unable to settle above correction point at 78.6% and there was bouncing from the bunch of local fibo-levels (1.1315). Consequently, in the short term perspective, we should expect price descending towards the area near 1.1180.

Fibonacci Retracements Analysis for EUR/USD on 16.09.2016

As we can see from 1 hour chart, yesterday price has bounced from correction point at 61.8%. So that we can expect this pair to move towards lower goals and break those minimums. Afterward, if there was a bouncing from anticipated price area, then we would expect current consolidation to be going on.

EUR/GBP "Euro vs British Pound"

Fibonacci Retracements Analysis for EUR/GBP on 16.09.2016

Pair cross is still stuck in the local flat shape. Earlier, when the pair has been done with lower targets, there was a rapid bullish rally. In the short term we might expect a further upwards movement towards the bunch of upper fibo-levels near the price area at 0.8570.

Fibonacci Retracements Analysis for EUR/GBP on 16.09.2016

On 1 hour chart we can see the nearest bearish goal that is the correction mark at 38,2%, which has been strengthened by the bunch of daily fibo-levels. Consequently, if there was an upwards bouncing from that price area, then we would consider further ascending as quite possible.

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.