Analysis for October 21st, 2016
The price continues falling. Yesterday, the EUR/USD pair rebounded from the correctional retracement of 38.2% and reached a new low. During the next several hours, the market may test the group of downside fibo-levels. If the price rebounds from this area, it may start a new ascending correction.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, yesterday the pair rebounded from the correctional retracement of 78.6%. In the nearest future, after finishing the local correction, the market may reach a new low test the downside target area.
The EUR/GBP pair is attempting to rebound from the correctional retracement of 38.2%. If the price succeeds, it may start a short-term growth towards the upside target area, that was already reached in the past.
EUR GBP, “Euro vs Great Britain Pound”
As we can see at the H1 chart, the pair rebounded from the retracement of 38.2% several times, but couldn’t fix below it. Consequently, in the nearest future the market may start growing towards the local high.
RoboForex Analytical Department
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