Analysis for November 3rd, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the
6/8 level. Taking into account that earlier the price had rebounded from the
2/8 level, in the nearest future the local correction may take place. The closest target for bears is at the
5/8 level.
At the H1 chart, the pair couldn’t stay inside the “overbought zone” after all. If later the price is able to fix below the H1 Super Trend, the market may start a new correction towards the
6/8 level.
EUR JPY, “Euro vs Japanese Yen”
The EUR/JPY pair is moving below Super Trends, which may soon form “bearish cross”. If they do, the market will continue falling to reach the
2/8 level.
At the H1 chart, the current decline was stopped by the
4/8 level and the pair starts a new local correction. Possibly, on Thursday bears may try to test the
3/8 level. If they break it, the market may continue falling to test the
2/8 one.
RoboForex Analytical Department