Analysis for November 12th, 2015
EUR USD, “Euro vs US Dollar”
Probably, the local correction continues. 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 ascending correction.
As we can see at the H1 chart, the price has rebounded from the retracement of 23.6% twice. Possibly, in the nearest future the price may resume its decline. We should note that if the market breaks the lower levels, the pair might continue falling much faster.
EUR GBP, “Euro vs Great Britain Pound”
Probably, Europound is 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, the market may try to break its previous low very soon. If the price rebounds from its downside targets, the pair may start an ascending correction.
RoboForex Analytical Department