Analysis for November 10th, 2015
EUR USD, “Euro vs US Dollar”
It looks like Eurodollar is about to finish its local correction. In the nearest future, the pair may resume its decline towards the group of lower fibo-levels at 1.0610. If later the price rebounds from this area, it may start a new correction.
As we can see at the H1 chart, the price has rebounded from the correctional retracement of 38.2% twice. Possibly, on Tuesday the pair may break the last week’s low. The lower targets are confirmed by local retracements.
EUR GBP, “Euro vs Great Britain Pound”
Probably, Europound is also about to complete its correction. Earlier, the pair rebounded fast from the retracement of 61.8%. Later, the price may resume its decline to reach the group of lower fibo-levels at 0.6875.
As we can see at the H1 chart, the lower targets are confirmed by local retracements. Possibly, during the day the market may try to break its previous low. If the price test the upper target of the correction again and rebounds from it, the pair may resume its descending movement.
RoboForex Analytical Department