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.
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.
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.
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