Analysis for November 5th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has reached the group of lower fibo-levels, which means that the market may start a local correction. In the future, the pair may test the correctional retracement of 38.2%. If the price rebounds from this level, it may resume moving downwards.
At the H1 chart, the price is trying to rebound from the group of lower fibo-levels. It’s highly likely that on Thursday the pair may test the retracement of 38.2%. We should note that if the market breaks it, the instrument may start a deeper correction.
EUR GBP, “Euro vs Great Britain Pound”
The pair has successfully reached the group of lower fibo-levels. In the nearest future, the market may start an ascending correction with the first target at the retracement of 38.2%.
As we can see at the H1 chart, the pair is trying to rebound from the group of lower fibo-levels. During the day, the market may test the retracement of 38.2%. The future scenario depends on how the price will move at this level.
RoboForex Analytical Department
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