Analysis for November 15th, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the local ascending correction continues. If the price rebounds from the group of fibo-levels reached earlier, the market will resume moving downwards to reach its downside targets at 1.0660 – 1.0640.
At the H1 chart, the pair is testing the local retracement of 50%. If the price rebounds from this level, the market will resume falling and break the previous low. However, if this level is broken, the current correction may continue and become deeper.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is being corrected as well. If the price fails to stay above the retracement of 61.8%, the current decline may continue. The closest target is still the retracement of 78.6%.
Possibly, the current ascending correction may face resistance from closest group of fibo-levels at 0.8720. In this case, the pair may resume moving downwards to reach its downside targets and break the low.
RoboForex Analytical Department