Fibonacci Retracements Analysis 20.09.2016 (EUR/USD, EUR/GBP)
20.09.2016
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
Attention!
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.