Analysis for September 21st, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the correctional retracement of 61.8%, the EUR/USD pair continues falling. The closest target is still 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 bounced from the retracement of 38.2%. At the moment, the local correction is taking place, the target of which is the intraday retracement of 50% at 1.1167. If the market rebounds from this level, it may resume moving downwards.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is being corrected. The main target is still the group of upside fibo-levels at 0.8645. If later the price rebounds from this area, it will start a new descending correction.
At the H1 chart, the pair bounced from the local correctional retracement of 50%. Consequently, during the day the price may grow to reach its upside targets and break yesterday’s high.
RoboForex Analytical Department