Fibonacci Retracements Analysis 23.11.2016 (EUR/USD, EUR/GBP)


Analysis for November 23rd, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is consolidating. The closest target is the group of downside retracements at 1.0450. If later the price rebounds from this area to the upside, the market may start a new ascending correction.

As we can see at the H1 chart, the pair rebounded from the correctional retracement of 50% and is attempting to resume its decline. Possibly, in the nearest future the market may break the low. The closest target area is confirmed by local fibo-levels.

EUR GBP, “Euro vs Great Britain Pound”

After rebounding from the retracement of 78.6%, the EUR/GBP pair is still trying to fix above this level. Consequently, in the nearest future the market may grow towards local highs. If later the price breaks them, the pair may grow much higher.

As we can see at the H1 chart, the closest target for bulls is the group of retracements at 0.8630. If later the price breaks this area, the market may continue moving upwards.

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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.