Analysis for October 6th, 2015
EUR USD, “Euro vs US Dollar”
The pair continues moving inside the flat
. Several days ago, Eurodollar rebounded from the retracement of 61.8% and started moving downwards. The main target is still the group of lower fibo-levels at 1.0640.
After making a fast ascending movement at the end of the last week, the pair is trying to resume falling. It’s highly likely that during the day the local correction may finish at the retracements of 38.2% - 50%. The short-term target for bears is still the group of retracements at 1.0940.
EUR GBP, “Euro vs Great Britain Pound”
After several rebounds from the group of upper fibo-levels, Europound has decreased its chances to continue moving upwards. In the nearest future, the market may start a short-term correction (at least) with the target at 0.7280.
At the H1 chart, the local correction is taking place. It looks like the pair is going to reach a new local low on Tuesday. The lower targets from the H4 chart are confirmed by local retracements.
RoboForex Analytical Department