Analysis for October 18th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the group of local fibo-levels, the EUR/USD pair started a new correction. It’s highly likely in the nearest future the market may test the retracement of 38.2%. If the price rebounds from this level, it may resume falling towards the target area at 1.0845.
As we can see at the H1 chart, the correctional retracement of 38.2% is confirmed by intraday fibo-levels. However, if bulls break this level, the correction may become deeper and reach the retracement of 50%.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is still consolidating. Earlier, the price reached its upside targets and started the current correction. It looks like in the nearest future the market may test the retracement of 38.2%. The future scenario depends on how the pair will move there.
As we can see at the H1 chart, after rebounding from the local correctional retracement of 50%, the pair resumed its decline. The closest target is the retracement of 38.2% at 0.8910, which is confirmed by intraday fibo-levels.
RoboForex Analytical Department
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