Fibonacci Retracements Analysis 14.11.2016 (EUR/USD, EUR/GBP)
14.11.2016
Analysis for November 14th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair reached the group of fibo-levels and right now is moving close to them. On Monday, the price may continue consolidating, but later it is expected to resume moving downwards. The closest target is the area at 1.0660 – 1.0640.
At the H1 chart, the local correction may yet continue. If the price fails to stay above the retracement of 23.6%, the market will continue falling. The downside targets are confirmed by local fibo-levels.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is trading between the retracements of 61.8% and 78.6%. In the nearest future, the local correction may continue, but later the market is expected to test the retracement of 78.6%. If the pair rebounds from this level, the price may start a new correction.
It’s highly likely that on Monday the correction that started last Friday may yet continue. As a result, the pair may reach a new local high. Later, the price is likely to start moving downwards to reach the group of fibo-levels near the retracement of 78.6%.
RoboForex Analytical Department
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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.