Analysis for October 12th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair “plummeted” and reached the group of local fibo-levels, which means that it may start a new ascending correction. The closest target is the retracement of 38.2%. If the price rebounds from this level, the market may start a new descending movement.
As we can see at the H1 chart, the correctional retracement of 38.2% is confirmed by local fibo-levels as well. However, if this level is broken, the pair may start a more serious correction.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair rebounded from its upside targets and right now the correction continues. It’s highly likely that in the nearest future bears may test the retracement of 38.2%. The future scenario depends on how the price will move there.
At the H1 chart, the pair managed to fix below the group of upside fibo-levels, which means that the correction may yet continue. If the market breaks the retracement of 38.2%, it will continue moving towards the one of 50%.
RoboForex Analytical Department
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