Fibonacci Retracements Analysis 20.11.2015 (EUR/USD, EUR/GBP)


Analysis for November 20th, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar has rebounded from the retracement of 61.8%, which means that the pair may resume its descending movement. The main target is still the group of lower fibo-levels at 1.0450.

As we can see at the H1 chart, the predicted target (the retracement of 61.8%) of the current correction has been confirmed by local retracements. On Friday, the pair may break the minimum and continue falling towards downside targets.

EUR GBP, “Euro vs Great Britain Pound”

Europound is about to complete the local correction as well. It looks like in the nearest future the market may resume its decline towards the group of lower fibo-levels at 0.6875.

As we can see at the H1 chart, the price has completed its short-term correction at the retracement of 38.2% and rebounded from it. In this case, the pair may start falling towards the local group of fibo-levels at 0.6945.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.