Analysis for October 21st, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is still consolidating, but later the market may resume moving downwards. The closest target is the group of fibo-levels at 1.1230. I’ve moved the stop loss on my current sell order into the black.
As we can see at the H1 chart, the price has rebounded from the retracement of 38.2%. The closest target is the local group of fibo-levels at 1.1320. If the market rebounds from this area, the pair may start a short-term pullback upwards.
EUR GBP, “Euro vs Great Britain Pound”
Last week, Europound rebounded from the group of upper fibo-levels, which means that the market may resume its decline. Possibly, the pair has already finished the local correction and may soon break the minimum. The closest target is the local area at 0.7275: after reaching it, the market may start an ascending correction.
As we can see at the H1 chart, the lower target area is confirmed by local retracements. It’s highly likely that in the nearest future the price may continue falling. We should note that if the price breaks the lower target area, the market may continue falling much deeper.
RoboForex Analytical Department