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Fibonacci Retracements Analysis 22.10.2015 (EUR/USD, EUR/GBP)

Analysis for October 22nd, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar is starting a new descending movement. Earlier, the market rebounded from the group of upper fibo-levels. The closest target is still the group of fibo-levels at 1.1230. Probably, after a short-term correction, the pair may yet continue falling.

As we can see at the H1 chart, the price has rebounded from the local downside target. Consequently, during the day the pair may form an ascending correction with the target at retracement of 38.2%. If the market rebounds from this area, the pair may resume its decline at break the minimum.

EUR GBP, “Euro vs Great Britain Pound”

After rebounding from the group of upper fibo-levels, Europound has resumed falling. In the nearest future, the market may form a local correction. The closest target is the local area at 0.7275.

As we can see at the H1 chart, the lower target area is confirmed by local retracements. The target of the current correction is at the retracement of 50%. If the price rebounds from it, the market may resume its decline.

RoboForex Analytical Department

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