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Fibonacci Retracements Analysis 10.10.2016 (EUR/USD, EUR/GBP)

Analysis for October 10th, 2016

EUR USD, “Euro vs US Dollar”

At the end of the last week, the EUR/USD pair rebounded from the correctional retracement of 61.8% and resumed growing. Consequently, after completing the local correction, the price may resume moving upwards to reach the group of fibo-levels at 1.1265.

At the H1 chart, the target of the intraday correction is the group of fibo-levels near the retracement of 38.2% at 1.1165. If later the price rebounds from this area upwards, the market will resume growing and break the local high.

EUR GBP, “Euro vs Great Britain Pound”

Last week, the EUR/GBP pair reached its upside targets, which means that it may start a new descending correction. The closest target for bears is the retracement of 38.2%. The future scenario depends on how the price will move at this level.

As we can see at the H1 chart, the pair tested the retracement of 38.2% and rebounded from it. Consequently, if this retracement provides support once again, the price may resume its growth. Otherwise, the bearish correction may become deeper.

RoboForex Analytical Department

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