Analysis for October 9th, 2015
EUR USD, “Euro vs US Dollar”
The correction continues. If Eurodollar is able to rebound from the retracement of 78.6%, it may resume its descending movement. However, the door swings both ways: if the price breaks this level, the current growth may continue.
As we can see at the H1 chart, the target area close to the retracement of 78.6% is confirmed by local retracements. If the price rebounds from this area during the day, I’m planning to start opening sell orders.
EUR GBP, “Euro vs Great Britain Pound”
The pair may try to test the group of upper fibo-levels once again. If Europound rebounds from them for the third time, it may start moving downwards again. However, in case the market breaks them, the pair may continue growing towards the higher targets and one should forget about selling for some time.
At the H1 chart, the upper targets are confirmed by local retracements. It’s highly likely that in the nearest future the price may test these targets: the future scenario depends on how the pair will move around this area.
RoboForex Analytical Department