Analysis for November 11th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair continues moving downwards. The closest target is the group of fibo-levels at 1.0810. If later the price rebounds from this area, the market may start a new ascending correction.
At the H1 chart, the local correction is taking place. If the price rebounds from the local retracement of 61.8% in the nearest future, the market will break the previous low and reach its downside targets soon.
EUR GBP, “Euro vs Great Britain Pound”
Yesterday, the EUR/GBP pair reached the correctional retracement of 61.8%, but didn’t rebound from it. As a result, later the price may continue falling towards the next target at the retracement of 78.6%.
As we can see at the H1 chart, after rebounding from the correctional retracement of 78.6%, the pair started moving downwards. It’s highly likely that in the nearest future the market may continue falling. The closest target is the group of fibo-levels at 0.8520.
RoboForex Analytical Department