Analysis for October 5th, 2016
Yesterday, the EUR/USD pair rebounded from the retracement of 78.6% for the second time and, as a result, started moving upwards. On Wednesday, the correction may take place, but later the market is expected to start a short-term growth towards the previous high.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the area, from which the pair rebounded yesterday, was confirmed by several intraday fibo-levels. In the nearest future, the price may continue growing and reach the group of fibo-levels at 1.1285.
EUR GBP, “Euro vs Great Britain Pound”After rebounding from the retracement of 78.6%, the EUR/GBP pair is still moving upwards. The closest target for bulls is the group of fibo-levels at 0.9090 – 0.9030. If the price rebounds from this area, the market will start a new descending correction.
At the H1 chart, the closest target is the group of retracements at 0.8875. If the pair rebounds from this area, it may start a short-term bearish correction.
RoboForex Analytical Department
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