Analysis for September 19th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair has reached the target at 1.1180, which was defined earlier, and it seem that bears are ready to put more pressure on the market. The closest target is the group of retracements at 1.1075. If later the price rebounds from this area, it will start a new local correction.
As we can see at the H1 chart, the pair may test the correctional retracement of 23.6%. The future short-term scenario depends on how the price will move at this area. If it rebounds from this retracement, the market will start falling towards its closest targets. However, if this level is broken, the correction may go deeper and reach the retracement of 38.2%.
EUR GBP, “Euro vs Great Britain Pound”
Last Friday, the EUR/GBP pair updated its local high, just as expected. However, in the nearest future the price may continue moving upwards to reach the group of fibo-levels at 0.8645.
At the H1 chart, the pair has rebounded from the correctional retracement of 50%. As a result, during the day the price may break the last Friday’s high. If later the instrument rebounds from the upside levels, the market may start a new descending correction.
RoboForex Analytical Department