Fibonacci Retracements Analysis 20.10.2016 (EUR/USD, EUR/GBP)
20.10.2016
Analysis for October 20th, 2016
EUR USD, “Euro vs US Dollar”
Yesterday, the EUR/USD pair reached another new low. After finishing the local correction, the price may resume falling. The closest target is the group of downside fibo-levels at 1.0850.
As we can see at the H1 chart, the target of the current correction is the retracement of 50% at 1.0988. If the market rebounds from this level, it may resume its decline to reach the downside targets.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair rebounded from the correctional retracement of 38.2%. Consequently, right now the price is expected to start a new growth. The closest target for bull is the group of fibo-levels at 0.9100 – 0.9025.
As we can see at the H1 chart, yesterday the pair rebounded from the retracement of 38.2% once again. Consequently, in the nearest future the market may start a short-term growth towards the upside levels. If later the price rebounds from them, another correction may take place.
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.