Analysis for October 12th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is still forming the ascending correction. It’s highly likely that the pair may test the group of lower fibo-levels near the retracement of 61.8%, from which it rebounded earlier. If the market isn’t able to break this level this time again, the price may resume its descending movement.
As we can see at the H1 chart, the upper target area is confirmed by local retracements. It’s highly likely that the price may reach a new high quite soon. I’m still holding a pending sell order.
EUR GBP, “Euro vs Great Britain Pound”
The pair is testing the group of upper fibo-levels once again. If Europound finally breaks them, it may continue moving upwards. In this case, the target will be at 0.7490.
At the H1 chart, the pair may complete the current local correction at the retracement of 38.2%. If the price rebounds from this level, the market may continue growing. However, the door swings both ways: if the price breaks it, the market will continue moving downwards.
RoboForex Analytical Department
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