Analysis for November 17th, 2015
EUR USD, “Euro vs US Dollar”
Probably, Eurodollar is moving downwards again. Earlier, the pair rebounded from the retracement of 38.2%. In the future, the price may continue its decline towards the group of lower fibo-levels at 1.0470.
As we can see at the H1 chart, the correction has completed at the retracement of 38.2%. The local target for bears is the group of fibo-levels at 1.0600. If the price rebounds from them, the market may start an ascending correction.
EUR GBP, “Euro vs Great Britain Pound”
It looks like Europound has also resumed its decline. It’s highly likely that the pair is going reach a new low very soon. During the next several days, the price may continue falling towards 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. It’s highly likely that the market may reach a new high on Tuesday and then resume its descending movement. If the price rebounds from its downside targets, the pair may start an ascending correction.
RoboForex Analytical Department