Analysis for October 23rd, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has started a fast decline. The closest target is still the group of fibo-levels at 1.10. If the pair rebounds from this target area, it may start a local ascending correction.
As we can see at the H1 chart, the pullback upwards wasn’t too long – the market hasn’t reached the retracement of 23.6%. It’s highly likely that the price may reach a new low during the day. If the pair rebounds from the lower levels, I’m planning to close my orders.
EUR GBP, “Euro vs Great Britain Pound”
After rebounding from the group of upper fibo-levels, Europound has resumed falling. In the nearest future, the market may continue moving downwards. The closest target is the area at 0.7065.
As we can see at the H1 chart, the lower target area is confirmed by local retracements. The local correction has reached the retracement of 23.6%. The market may reach new lows during Friday.
RoboForex Analytical Department