Analysis for October 10th, 2016
At the end of the last week, the EUR/USD pair rebounded from the correctional retracement of 61.8% and resumed growing. Consequently, after completing the local correction, the price may resume moving upwards to reach the group of fibo-levels at 1.1265.
EUR USD, “Euro vs US Dollar”
At the H1 chart, the target of the intraday correction is the group of fibo-levels near the retracement of 38.2% at 1.1165. If later the price rebounds from this area upwards, the market will resume growing and break the local high.
Last week, the EUR/GBP pair reached its upside targets, which means that it may start a new descending correction. The closest target for bears is the retracement of 38.2%. The future scenario depends on how the price will move at this level.
EUR GBP, “Euro vs Great Britain Pound”
As we can see at the H1 chart, the pair tested the retracement of 38.2% and rebounded from it. Consequently, if this retracement provides support once again, the price may resume its growth. Otherwise, the bearish correction may become deeper.
RoboForex Analytical Department
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