Analysis for November 3rd, 2016
EUR USD, “Euro vs US Dollar”
Just as we expected earlier, the EUR/USD pair faced resistance from the correctional retracement of 61.8% and rebounded from it. As a result, in the nearest future the price may be corrected with the target at the retracement of 23.6%.
![](https://www.roboforex.ru/files/forecasts/nov2016/03/Image20161103140000001.png)
As we can see at the H1 chart, the correctional retracement of 23.6% is confirmed by local fibo-levels. If the price rebounds from the closest target area, the market may reverse to the upside.
![](https://www.roboforex.ru/files/forecasts/nov2016/03/Image20161103140000002.png)
EUR GBP, “Euro vs Great Britain Pound”
After rebounding from the upside border of the group of fibo-levels, the EUR/GBP pair “plummeted”. However, if the retracement of 38.2% provides support once again, the market may continue consolidating.
![](https://www.roboforex.ru/files/forecasts/nov2016/03/Image20161103140000003.png)
As we can see at the H1 chart, the pair reached the group of fibo-levels and couldn’t fix there. Right now, bears are testing the retracement of 38.2%. If the price rebounds from this level, the market may start a short-term growth.
RoboForex Analytical Department