Analysis for September 20th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the local correctional retracement of 61.8%, the EUR/USD pair is trying to resume its decline. The closest target is the group of retracements at 1.1075. If later the price rebounds from this area, it will start a new ascending correction.
As we can see at the H1 chart, the pair couldn’t stay above the correctional retracement of 38.2%. As a result, in the nearest future the market is expected to resume moving downwards. Possibly, the price may break yesterday’s low during the day.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair continues growing and reaching new highs. The closest target is still the group of fibo-levels at 0.8645. If later the price rebounds from this area, it will start a new descending correction.
At the H1 chart, yesterday the pair rebounded from the correctional retracement of 50% and started the current growth. The future scenario directly depends on how the price will move after reaching the bullish targets.
RoboForex Analytical Department