Analysis for September 29th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still consolidating. Earlier, the price failed to fix above the correctional retracement of 61.8% and may resume moving downwards. The closest bearish target is the group of fibo-levels at 1.1170.
At the H1 chart, the pair rebounded from the correctional retracement of 50% twice. As a result, on Thursday the price may move towards its local low. If later the market breaks its target area at 1.1170, it may continue falling much faster.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is still moving upwards. Consequently, in the nearest future the market may continue growing towards the group of fibo-levels at 0.9090 – 0.9030.
At the H1 chart, the pair rebounded from the correctional retracement of 78.6% twice. As a result, in the nearest future the market may move upwards to reach the local target at 0.8870. If later the price rebounds from this area, it may start a new correction.
RoboForex Analytical Department