Fibonacci Retracements Analysis 08.09.2016 (EUR/USD and EUR/GBP)

EUR/USD has worked out its target correction level 78.6%, slightly crossed this line and tested a local group of Fibonacci levels along the way. Therefore, in the near term we can see a descending correction.



As we can see on 1-H chart, at the moment the market is trading at Fibonacci level 78.6%. If it is able to hold under this level, this can be deemed as start of a correction. The nearest target of this possible downward move is 61.8% (1.1261).

EUR GBP "Euro vs. Great Britain Pound"



The same situation can be seen on the cross pair. Here the price stopped only few pips before 61.8%. As such, in the short term we can see a descending move towards 50% (0.8402).



On 1-H chart we see that the correction level 50% is confirmed by a local Fibonacci level. If we see an upward rebound from this price area, the price can rise even further.