Analysis for October 5th, 2016
EUR USD, “Euro vs US Dollar”
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.
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