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Fibonacci Retracements Analysis 06.10.2016 (EUR/USD, EUR/GBP)

Analysis for October 6th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is still consolidating. Yesterday, the price rebounded from the group of fibo-levels at the retracement of 78.6%. In the nearest future, the market is expected to start growing towards the local high.

As we can see at the H1 chart, the target of the current correction is the retracement of 78.6%. If the price rebounds from this level, the market will start a short-term growth towards the group of fibo-levels at 1.1285.

EUR GBP, “Euro vs Great Britain Pound”

In case of the EUR/GBP pair, the uptrend continues. The closest target for bulls is the group of upside fibo-levels at 0.9090 – 0.9030. If the price rebounds from this area, the market will start a new descending correction.

At the H1 chart, the pair may test the retracement of 50% one more time. If the price rebounds from this level during the day, the market may resume growing and break the local high.

RoboForex Analytical Department

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