Analysis for October 13th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is trying to rebound from the group of fibo-levels, which may result in a new local ascending correction. However, later the price may resume falling towards the downside target area at 1.0850.
As we can see at the H1 chart, the downside target area is confirmed by intraday fibo-levels as well, which make it even more important. Consequently, on Thursday the pair may start growing to reach the correctional retracement of 38.2%.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair rebounded from its upside targets and right now continues consolidating. In the nearest future, the price may be corrected towards the retracement of 38.2%. If later the market rebounds from this level, it may start a new growth.
At the H1 chart, the current ascending correction was stopped by the retracement of 50%, which means that the pair may continue falling. The closest target is the correctional retracement of 38.2%, which is confirmed by intraday fibo-levels.
RoboForex Analytical Department