Fibonacci Retracements Analysis 07.11.2016 (EUR/USD, EUR/GBP)


Analysis for November 7th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair couldn’t fix above the correctional retracement of 61.8% after all and started moving downwards. The closest target for bears is the retracement of 50% at 1.1010. If later the pair rebounds from this level, the market may start a local ascending correction.

As we can see at the H1 chart, there are several intraday fibo-levels near the retracement of 50%. Consequently, the future scenario depends on how the price will move after reaching this target area.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair finally managed to rebound from the correctional retracement of 38.2%, which means that the current flat may yet continue. The short-term target is the downside border of the closest group of fibo-levels.

As we can see at the H1 chart, the target for bulls is the correctional retracement of 50%. If bulls aren’t able to break it on the first try, the market may start a local descending correction.

RoboForex Analytical Department


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.