Analysis for October 29th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has reached the group of fibo-levels at 1.0930. Later, after completing the local correction, the pair may continue falling towards the next target at 1.0800. If later the market rebounds from this target area, it may start a local ascending correction.
As we can see at the H1 chart, yesterday Eurodollar rebounded from the retracement of 61.8% and then started moving downwards. If the local correction is able to rebound from the retracement of 23.6%, the market will continue falling.
EUR GBP, “Euro vs Great Britain Pound”
The pair has successfully completed the correction and resumed falling. In the nearest future, the market may continue moving downwards. The closest target is the area at 0.7070.
As we can see at the H1 chart, yesterday the pair rebounded from the retracement of 38.2%. Later, the market may update the minimum, fall to reach the lower targets at 0.7070, and then start an ascending correction.
RoboForex Analytical Department