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.
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.
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.
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