Analysis for October 20th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is being corrected, but later the market may resume moving downwards. The closest target is the group of fibo-levels at 1.1230. My limit order, which I placed yesterday, has worked.
As we can see at the H1 chart, after rebounding from the group of intermediate fibo-levels at 1.1305, Eurodollar has started a new correction. I’m planning to open another sell order if the price rebounds from the retracement of 38.2% 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 market may continue falling much deeper.
RoboForex Analytical Department