Analysis for November 16th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the group of local fibo-levels and is attempting to resume its descending movement. The closest target for bears is the area at 1.0660 – 1.0640. If later the price rebounds from it, the market may start a new ascending correction.
At the H1 chart, the current local correction faced resistance from the retracement of 50%, from which the pair rebounded yesterday. Consequently, on Wednesday the price may continue falling towards its downside targets and break yesterday’s low.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair couldn’t stay above the correctional retracement of 61.8% and, as a result, tested the local low once again. Consequently, in the nearest future the market may continue falling to reach the retracement of 78.6% at 0.8530.
As we can see at the H1 chart, the pair rebounded from the group of local fibo-levels. At the moment, the price is being corrected, but a little bit later the market is expected to resume its decline, break the low, and reach the retracement of 78.6%.
RoboForex Analytical Department