Fibonacci Retracements Analysis 24.11.2016 (EUR/USD, EUR/GBP)


Analysis for November 24th, 2016

EUR USD, “Euro vs US Dollar”

Yesterday, the EUR/USD pair broke the local low. The closest target is still 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.

At the H1 chart, the pair started a new local correction, the target of which is the retracement of 38.2%. If the price rebounds from this level, the market may resume falling towards the downside targets and break the previous low.

EUR GBP, “Euro vs Great Britain Pound”

In case of the EUR/GBP pair, the current correction is getting deeper. The closest target for bears is the group of fibo-levels at 0.8420. If later the price rebounds from this area, the market may start a new ascending correction.

As we can see at the H1 chart, the downside targets are confirmed by intraday fibo-levels. It’s highly likely that the pair may complete the correction during the day and then the market may resume moving downwards to reach its closest targets.

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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.