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Fibonacci Retracements Analysis 07.10.2016 (EUR/USD, EUR/GBP)

Analysis for October 7th, 2016

EUR USD, “Euro vs US Dollar”

After several rebounds from the retracement of 61.8%, the EUR/USD pair finally started falling. During the day, the local correction may continue, but later the market is expected to resume towards the downside fibo-levels at 1.1075.

At the H1 chart, the closest target of the current correction is the retracement of 38.2%. If the price rebounds from this level, the market will start a new decline. In addition to that, if the price breaks the downside target area, the market will continue falling much faster.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair reached its upside targets and may start a new descending correction. The closest target for bears is the retracement of 38.2%. If the price rebounds from this area, the market will start a new ascending movement.

As we can see at the H1 chart, the pair rebounded from its upside targets twice and now may start a new correction. If the price breaks the retracement of 38.2%, this correction may become deeper.

RoboForex Analytical Department

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