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.
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.
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.
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