Analysis for October 19th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the group of local fibo-levels, the EUR/USD pair started a local ascending correction. It’s highly likely in the nearest future the market may test the retracement of 23.6%. If the price rebounds from this level, it may resume falling.
![](https://www.roboforex.ru/files/forecasts/oct2016/19/Image20161019125720001.png)
As we can see at the H1 chart, the correctional retracement of 23.6% is confirmed by intraday fibo-levels. Possibly, the pair may test this area during the day. If the market rebounds from this level, the first target for bears will be the group of retracements at 1.0850.
![](https://www.roboforex.ru/files/forecasts/oct2016/19/Image20161019125720002.png)
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair reached the correctional retracement of 38.2% and may start a new growth. However, if the price breaks this level and fixes below it, the current descending correction may become deeper.
![](https://www.roboforex.ru/files/forecasts/oct2016/19/Image20161019125720003.png)
As we can see at the H1 chart, the pair rebounded not only from the retracement of 38.2%, but from several intraday fibo-levels as well. Consequently, in the nearest future the market may grow towards the closest group of retracements, which may later provide resistance.
RoboForex Analytical Department