Fibonacci Retracements Analysis 22.09.2016 (EUR/USD, EUR/GBP)


Analysis for September 22nd, 2016

EUR USD, “Euro vs US Dollar”

In case of the EUR/USD pair, the correction became faster and reached the retracement of 61.8%. At the same time, after finishing the local correction, the price may continue growing towards the retracement of 78.6%. After reaching it, the market may resume moving downwards.

At the H1 chart, the target of the local correction is the retracement of 23.6%. If later the market rebounds from this level upwards, the pair may resume growing towards the closest group of fibo-levels at 1.1285.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still consolidating. It’s highly likely that in the nearest future the price may resume growing to reach 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, yesterday the pair bounced from the correctional retracement of 61.8%. Consequently, in the nearest future the price may resume moving upwards and break the local high. Moreover, the upside targets are confirmed by intraday fibo-levels.

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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.