Analysis for November 4th, 2015
EUR USD, “Euro vs US Dollar”
After rebounding from the group of fibo-levels at 1.0930, Eurodollar has started the local correction. Later, the pair may test the correctional retracement of 38.2%. If the market rebounds from this level, it may resume moving downwards to reach the next target at 1.0800.
As we can see at the H1 chart, the ascending correction has reached the retracement of 78.6%. It’s highly likely that on Wednesday the pair may test this level one more time. If the price rebounds from this level again, the market will continue falling.
EUR GBP, “Euro vs Great Britain Pound”
The pair has successfully completed the correction and resumed falling. In the nearest future, the market may continue moving downwards. The closest target is the area at 0.7070.
As we can see at the H1 chart, the pair has rebounded from the retracement of 61.8%. Later, the market may update the minimum, reach the lower targets at 0.7070, and then start an ascending correction.
RoboForex Analytical Department