Analysis for November 8th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still being corrected. The closest target for bears is the retracement of 61.8% at 1.0980. Consequently, in the nearest future the market may complete the local correction and then continue moving downwards.
![](https://www.roboforex.ru/files/forecasts/nov2016/08/Image20161108120727005.png)
As we can see at the H1 chart, the closest target of the current local correction is the retracement of 50%. If the price rebounds from this level, the market will start a new descending movement.
![](https://www.roboforex.ru/files/forecasts/nov2016/08/Image20161108120727006.png)
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is attempting to rebound from the correctional retracement of 38.2%. If later the price is able to stay above this level, the market may grow to reach the downside border of the closest group of fibo-levels.
![](https://www.roboforex.ru/files/forecasts/nov2016/08/Image20161108120727007.png)
As we can see at the H1 chart, the local correction may take place towards the retracement of 78.6% at 0.8873. If the price rebounds from this level, the market may start growing to reach the retracement of 50% at 0.8950.
RoboForex Analytical Department