Analysis for November 17th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the retracement of 50% at 1.1230 quickly, the EUR/USD pair started moving downwards. It’s highly likely that on Thursday the pair may test the group of downside fibo-levels again. In case it rebounds from them, the market may start a new ascending correction.
As we can see at the H1 chart, the closest target area at 1.0660 – 1.0640 is confirmed by intraday fibo-levels. So, if the pair rebounds from this area, the price may start a bullish correction.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is still moving downwards. Several days ago, the price rebounded from the correctional retracement of 61.8%. As a result, on Thursday the market may break the low and test the retracement of 78.6%. Later, the pair may start a new correction from this level.
As we can see at the H1 chart, the pair is consolidating near its lows. It’s highly likely that in the nearest future the market may resume falling and reach the closest group of fibo-levels at 0.8530.
RoboForex Analytical Department