Analysis for November 4th, 2016
EUR USD, “Euro vs US Dollar”
At the H4 chart, the EUR/USD pair is still consolidating. It’s highly likely that on Friday the price may test the correctional retracement of 23.6% once again. If the pair rebounds from this level, the market may resume growing towards the closest group of fibo-levels at 1.1185.
As we can see at the H1 chart, the correctional retracement of 23.6% is confirmed by local fibo-levels. Consequently, if the price rebounds from this level, it may resume moving upwards. However, if this retracement is broken, the descending correction may move much deeper.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is attempting to rebound from the correctional retracement of 38.2%. If bulls rebound from this level in the nearest future, the market may continue consolidating.
As we can see at the H1 chart, the pair may once again test the downside border of the target area that was reached earlier. If the price rebounds to the upside, the pair may grow towards the local correctional retracement of 50%. If later this retracement is broken, bulls may continue pushing the price towards upside levels.
RoboForex Analytical Department