Analysis for October 8th, 2015
EUR USD, “Euro vs US Dollar”
The pair continues moving sideways. Earlier, Eurodollar rebounded from the retracement of 61.8% and resumed its descending movement. The main target is still the group of lower fibo-levels at 1.0640.
As we can see at the H1 chart, the market is testing the retracement of 78.6%. If the price breaks this level and stays below it, the pair may resume faking. The short-term target for bears is still the group of retracements at 1.0940.
EUR GBP, “Euro vs Great Britain Pound”
Several rebounds from the group of upper fibo-levels indicate that Europound may start moving downwards again. In the nearest future, the market is expected to continue falling with the target at 0.7280.
At the H1 chart, the local correction is taking place. It looks like the pair is going to reach a new local low during the day. The lower targets from the H4 chart are confirmed by local retracements.
RoboForex Analytical Department