Analysis for October 28th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still consolidating. It’s highly likely that in the nearest future the market may test its local highs once again. Later, the price may resume falling to reach the group of downside fibo-levels at 1.0780.
As we can see at the H1 chart, the closest target of the current correction is the retracement of 50%. If the price rebounds from it, the pair may resume its descending movement to reach its downside targets.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair successfully rebounded from the correctional retracement of 38.2% and right now is growing to reach the downside border of the closest group of fibo-levels. If the price fixes above them, the market will continue moving upwards.
As we can see at the H1 chart, the pair is getting closer to the group of fibo-levels that was tested earlier. If the price rebounds from this area, it may start a new local correction. However, if bulls are able to keep the price there, the market will continue its ascending movement.
RoboForex Analytical Department