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Fibonacci Retracements Analysis 20.10.2016 (EUR/USD, EUR/GBP)

Analysis for October 20th, 2016

EUR USD, “Euro vs US Dollar”

Yesterday, the EUR/USD pair reached another new low. After finishing the local correction, the price may resume falling. The closest target is the group of downside fibo-levels at 1.0850.

As we can see at the H1 chart, the target of the current correction is the retracement of 50% at 1.0988. If the market rebounds from this level, it may resume its decline to reach the downside targets.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the correctional retracement of 38.2%. Consequently, right now the price is expected to start a new growth. The closest target for bull is the group of fibo-levels at 0.9100 – 0.9025.

As we can see at the H1 chart, yesterday the pair rebounded from the retracement of 38.2% once again. Consequently, in the nearest future the market may start a short-term growth towards the upside levels. If later the price rebounds from them, another correction may take place.

RoboForex Analytical Department

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