Analysis for October 24th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair reached the group of downside retracements, rebounded from them, and may start a new local correction. After finishing this correction, the market may resume falling to reach the next target at 1.0780.
![](https://www.roboforex.ru/files/forecasts/oct2016/24/Image20161024122132001.png)
As we can see at the H1 chart, the target of the current correction is the retracement of 38.2%. If later the price rebounds from this level, the market may resume its descending movement.
![](https://www.roboforex.ru/files/forecasts/oct2016/24/Image20161024122132002.png)
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is trading near the correctional retracement of 38.2%. If the price rebounds from this level, it may start an ascending correction the upside target area that was already tested in the past.
![](https://www.roboforex.ru/files/forecasts/oct2016/24/Image20161024122132003.png)
As we can see at the H1 chart, the pair is trading near the correctional retracement of 38.2%. If the price fixes above this area, the market may start a short-term growth.
RoboForex Analytical Department