Analysis for October 17th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair continues falling. Right now, the correction is taking place, which may complete on Monday. Consequently, in the future the price may resume falling towards the downside targets at 1.0845.
As we can see at the H1 chart, the pair reached the group of local fibo-levels and started a new ascending correction. However, in the nearest future the market may start a new decline towards the area at 1.0845, which is confirmed by intraday retracements.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair rebounded from the group of upside fibo-levels and started consolidating. It looks like in the nearest future the price may move towards the correctional retracement of 38.2%. If later the market rebounds from this level, it may start a new growth.
At the H1 chart, the retracement of 38.2% is confirmed by intraday fibo-levels. Earlier, the pair rebounded from the local correctional retracement of 50% and continued the current descending correction.
RoboForex Analytical Department