Analysis for October 25th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is moving near its local lows. In the nearest future, the correction may yet continue, but later the market is expected to resume falling towards the group of downside retracements at 1.0780.
As we can see at the H1 chart, the closest target of the current correction is the retracement of 23.6%. If later the price rebounds from this level for the second time, the market may resume its ascending movement.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is still trading near the correctional retracement of 38.2%. If the price rebounds from this level, it may start an ascending correction to reach the upside target area that was already tested in the past.
As we can see at the H1 chart, the pair is consolidating near the group of fibo-levels. Consequently, if the price fixes above the retracement of 38.2% at 0.8906, the market may start a short-term growth to reach the downside border of the resistance area at 0.9025.
RoboForex Analytical Department