Analysis for October 10th, 2016
EUR USD, “Euro vs US Dollar”
At the end of the last week, the EUR/USD pair rebounded from the correctional retracement of 61.8% and resumed growing. Consequently, after completing the local correction, the price may resume moving upwards to reach the group of fibo-levels at 1.1265.
At the H1 chart, the target of the intraday correction is the group of fibo-levels near the retracement of 38.2% at 1.1165. If later the price rebounds from this area upwards, the market will resume growing and break the local high.
EUR GBP, “Euro vs Great Britain Pound”
Last week, the EUR/GBP pair reached its upside targets, which means that it may start a new descending correction. The closest target for bears is the retracement of 38.2%. The future scenario depends on how the price will move at this level.
As we can see at the H1 chart, the pair tested the retracement of 38.2% and rebounded from it. Consequently, if this retracement provides support once again, the price may resume its growth. Otherwise, the bearish correction may become deeper.
RoboForex Analytical Department