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Fibonacci Retracements Analysis 03.10.2016 (EUR/USD, EUR/GBP)

Analysis for October 3rd, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair rebounded from the group of downside fibo-levels and started growing fast. Consequently, in the nearest future the market may test the correctional retracement of 78.6% again. If the price rebounds from this level, it may resume moving downwards.

At the H1 chart, the upside targets are confirmed by local fibo-levels. After finishing the local correction, the market may resume falling and break local highs.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair reached a new high and is still moving upwards rather fast. The closest target is the group of upside fibo-levels at 0.9090 – 0.9030. If later the price rebounds from this area, the market may start a new correction.

At the H1 chart, the pair rebounded from the correctional retracement of 61.8% last Friday and then reached a new high. At the moment, the price is moving towards its local target at 0.8870. If later the market rebounds from this area, it may start a new descending correction.

RoboForex Analytical Department

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