Analysis for October 19th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar continues falling. In the nearest future, the pair may start a correction, but later it is expected to resume its decline. The closest target is the group of fibo-levels at 1.1230.
As we can see at the H1 chart, Eurodollar has rebounded from the group of intermediate fibo-levels at 1.1305, which means that it may start a new local correction. I’m planning to open a sell order if the price rebounds from the retracement of 23.6% during the day. However, it the market breaks this level, the pullback may be much deeper.
EUR GBP, “Euro vs Great Britain Pound”
Last week, Europound rebounded from the group of upper fibo-levels, which means that the market may resume its decline. The closest target is the local area at 0.7275: after reaching it, the market may start an ascending correction.
As we can see at the H1 chart, the lower target area is confirmed by local retracements. It’s highly likely that in the nearest future the price may continue falling. We should note that if the price breaks the lower target area, the current decline may become more significant.
RoboForex Analytical Department