Fibonacci Retracements Analysis 05.11.2015 (EUR/USD, EUR/GBP)
05.11.2015
Analysis for November 5th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has reached the group of lower fibo-levels, which means that the market may start a local correction. In the future, the pair may test the correctional retracement of 38.2%. If the price rebounds from this level, it may resume moving downwards.
At the H1 chart, the price is trying to rebound from the group of lower fibo-levels. It’s highly likely that on Thursday the pair may test the retracement of 38.2%. We should note that if the market breaks it, the instrument may start a deeper correction.
EUR GBP, “Euro vs Great Britain Pound”
The pair has successfully reached the group of lower fibo-levels. In the nearest future, the market may start an ascending correction with the first target at the retracement of 38.2%.
As we can see at the H1 chart, the pair is trying to rebound from the group of lower fibo-levels. During the day, the market may test the retracement of 38.2%. The future scenario depends on how the price will move at this level.
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.