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Fibonacci Retracements Analysis 23.09.2016 (EUR/USD, EUR/GBP)

Analysis for September 23rd, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the correctional retracement of 61.8%, the EUR/USD pair started a new descending correction. On Friday, the price may continue falling, but later it is expected to resume moving upwards with the target at the retracement of 78.6%.

At the H1 chart, the target of the local correction is the retracement of 61.8%. 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 moving very close to the upside targets. It’s highly likely that during the day the price may break the local high. However, if later bulls face resistance from the group of fibo-levels at 0.8645, the market will start a new descending correction.

At the H1 chart, yesterday the pair bounced from the correctional retracement of 38.2% and resumed moving upwards. It looks like the price may test its upside targets during the day. We should note that if bulls pass this area easily, the market may continue growing much faster.

RoboForex Analytical Department

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