Analysis for November 3rd, 2016
EUR USD, “Euro vs US Dollar”
Just as we expected earlier, the EUR/USD pair faced resistance from the correctional retracement of 61.8% and rebounded from it. As a result, in the nearest future the price may be corrected with the target at the retracement of 23.6%.
As we can see at the H1 chart, the correctional retracement of 23.6% is confirmed by local fibo-levels. If the price rebounds from the closest target area, the market may reverse to the upside.
EUR GBP, “Euro vs Great Britain Pound”
After rebounding from the upside border of the group of fibo-levels, the EUR/GBP pair “plummeted”. However, if the retracement of 38.2% provides support once again, the market may continue consolidating.
As we can see at the H1 chart, the pair reached the group of fibo-levels and couldn’t fix there. Right now, bears are testing the retracement of 38.2%. If the price rebounds from this level, the market may start a short-term growth.
RoboForex Analytical Department