Analysis for October 13th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is still forming the ascending correction. In the nearest future the pair may test the group of lower fibo-levels near the retracement of 61.8%, from which it rebounded earlier. If the market isn’t able to break this level this time again, the price may resume its descending movement.
As we can see at the H1 chart, the upper target area is confirmed by local retracements. It’s highly likely that the price may reach a new high quite soon. I’m still holding a pending sell order.
EUR GBP, “Euro vs Great Britain Pound”
The ascending correction continues; its target is at 0.7490. In addition to that, the intermediate target is the group of fibo-levels at 0.7470: if the pair isn’t able to break them, Europound may stop its ascending movement.
At the H1 chart, yesterday the pair completed the local correction. In the nearest future, the price may continue growing towards the upper targets.
RoboForex Analytical Department