Analysis for September 30th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair reached its target level and stopped falling. Consequently, in the nearest future the local correction may take place, which may be followed by a new descending movement towards the group of downside fibo-levels at 1.1170.
At the H1 chart, the closest target of the current correction is the retracement of 38.2%. If the market rebounds from this area, it may continue falling and break the previous low.
EUR GBP, “Euro vs Great Britain Pound”
In case of the EUR/GBP pair, the targets remain the same. Earlier, the price rebounded from the retracement of 78.6%. After finishing the current correction, the market may resume growing and reach a new local high.
At the H1 chart, the pair is still being corrected. The closest target is the retracement of 78.6%. If later the price rebounds from this area, it may start a new ascending movement towards its upside targets.
RoboForex Analytical Department