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.
![](https://www.roboforex.ru/files/forecasts/nov2016/16/Image20161116064006005.png)
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.
![](https://www.roboforex.ru/files/forecasts/nov2016/16/Image20161116064006006.png)
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.
![](https://www.roboforex.ru/files/forecasts/nov2016/16/Image20161116064006007.png)
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