Article By RoboForex.com
Fibonacci Retracements Analysis 05.09.2016
EUR USD “Euro vs. US Dollar”
Last Friday the market formed a rebound off the correction level 50% and this suggested a possible resume of price decline. The nearest target is a group of Fibo-levels at about 1.1100. If the price rebounds off this price area, then an ascending correction can be expected.
On 1-H chart the lower targets are confirmed by the intraday Fibonacci levels. As such, in the nearest future we can expect a break out of the last week’s lows. But if the bears are able to break out of the nearest levels, the price decline can accelerate.
EUR GBP “Euro vs. Great Britain Pound”
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The cross has come close to the lower targets (0,8350). If wee see a rebound off this group of Fibonacci levels, a rising correction towards 38.2% will come to the fore.
It is very likely that on 1-H chart we will soon see how the lower Fibonacci levels are tested. It is noteworthy that start of a rising correction is only possible if the rebound off this price area occurs as if this area is broken out, the bears can push prices even lower.
Article By RoboForex.com
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
