Analysis for October 14th, 2016
EUR USD, “Euro vs US Dollar”
Yesterday, the EUR/USD pair rebounded from the group of local fibo-levels and started a new ascending correction, which may yet continue for a while. Later, the price may resume falling towards the downside target area at 1.0845.
As we can see at the H1 chart, the local correction rebounded from the intraday retracement of 61.8%, which means that the ascending correction may yet continue towards the retracement of 38.2%. If later the price rebounds from this level, the market will resume falling.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair rebounded from the group of upside fibo-levels and started the current correction. In the nearest future, the price may move towards the retracement of 38.2%. If later the market rebounds from this level, it may start a new growth.
At the H1 chart, yesterday the pair rebounded from the local correctional retracement of 50% and resumed falling. The closest target is the retracement of 38.2%. If the price breaks it, the correction will become deeper.
RoboForex Analytical Department
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