Fibonacci Retracements Analysis 09.11.2016 (EUR/USD, EUR/GBP)


Analysis for November 9th, 2016

EUR USD, “Euro vs US Dollar”

The price’s fast growth was stopped by the correctional retracement of 50% as the price rebounded from it and plummeted. Possibly, in the nearest future the EUR/USD pair may test the group of fibo-levels near the retracement of 61.8%.

At the H1 chart, the pair rebounded from the local retracement of 78.6% and may resume moving upwards. The closest target is the group of fibo-levels at 1.1315. After reaching them, the market may start a new correction.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still consolidating. The price is testing the retracement of 38.2% again. If later the market rebounds from this level, the current flat will continue.

As we can see at the H1 chart, the pair is getting closer to the retracement of 78.6%. If the price rebounds from this level, the market may resume growing. In this case, the pair may break the local high soon.

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.