Analysis for November 16th, 2015
EUR USD, “Euro vs US Dollar”
Probably, Eurodollar has completed the local correction. Last week, the pair rebounded from the retracement of 38.2%. In the future, the price may resume its decline towards the group of lower fibo-levels at 1.0610.
As we can see at the H1 chart, the target of the current correction is the retracement of 38.2%. Possibly, in the nearest future the price may resume its decline. We should note that if the market breaks the lower levels, the pair might continue falling much faster.
EUR GBP, “Euro vs Great Britain Pound”
Probably, Europound has also finished the correction. It’s highly likely that the pair is going reach a new low very soon. Later, the price may resume its decline to reach the group of lower fibo-levels at 0.6875.
As we can see at the H1 chart, the lower targets are confirmed by local retracements. It’s highly likely that the market may reach a new high on Monday and then resume its descending movement. If the price rebounds from its downside targets, the pair may start an ascending correction.
RoboForex Analytical Department