Analysis for October 27th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the group of fibo-levels and right now is still being corrected. It’s highly likely that in the nearest future the market may resume falling to reach the next target area at 1.0780.
As we can see at the H1 chart, yesterday the pair rebounded from the correctional retracement of 50%. In the nearest future, the market may test this level again. If the price rebounds from it, the pair may resume its descending movement.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is still moving near the correctional retracement of 38.2%. In case the price rebounds from this level, it may resume growing towards the retracement of 23.6%. If later this level is broken, the market will continue moving upwards.
As we can see at the H1 chart, the correctional retracement of 38.2% is confirmed by intraday fibo-levels as well. Considering that the price couldn’t break this target area, in the nearest future the market may start a short-term growth to reach the downside border of the closest group of fibo-levels.
RoboForex Analytical Department