Analysis for November 1st, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still being corrected. The price reached the retracement of 38.2% and is trying to rebound from it. If the pair fixes below this level, the market will start a new descending correction.
![](https://www.roboforex.ru/files/forecasts/oct2016/31/Image20161101153210001.png)
As we can see at the H1 chart, the pair reached its target area, which is confirmed by intraday fibo-levels as well. However, if the price breaks the retracement of 38.2% after all, the bullish correction may become more serious.
![](https://www.roboforex.ru/files/forecasts/oct2016/31/Image20161101153210002.png)
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair has almost reached the upside target area, which provided resistance earlier. If the price rebounds from this area again, the market will continue consolidating.
![](https://www.roboforex.ru/files/forecasts/oct2016/31/Image20161101153210003.png)
As we can see at the H1 chart, the pair is getting closer to downside border of the closest group of fibo-levels. Consequently, the future scenario depends on how the price will move there.
RoboForex Analytical Department