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Fibonacci Retracements Analysis 21.10.2016 (EUR/USD, EUR/GBP)

Analysis for October 21st, 2016

EUR USD, “Euro vs US Dollar”

The price continues falling. Yesterday, the EUR/USD pair rebounded from the correctional retracement of 38.2% and reached a new low. During the next several hours, the market may test the group of downside fibo-levels. If the price rebounds from this area, it may start a new ascending correction.

As we can see at the H1 chart, yesterday the pair rebounded from the correctional retracement of 78.6%. In the nearest future, after finishing the local correction, the market may reach a new low test the downside target area.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is attempting to rebound from the correctional retracement of 38.2%. If the price succeeds, it may start a short-term growth towards the upside target area, that was already reached in the past.

As we can see at the H1 chart, the pair rebounded from the retracement of 38.2% several times, but couldn’t fix below it. Consequently, in the nearest future the market may start growing towards the local high.

RoboForex Analytical Department

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