Fibonacci Retracements Analysis 11.11.2016 (EUR/USD, EUR/GBP)


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.

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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.