Analysis for November 22nd, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still being corrected. The closest target for bears is the group of retracements at 1.0450. If later the price rebounds from this area to the upside, the market may start a new ascending correction.
As we can see at the H1 chart, the pair rebounded from the local retracement of 50% and may resume moving downwards. Consequently, in the nearest future the market may break the local low.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair tested the retracement of 78.6% once again. Right now, bulls are attempting to rebound from this level. If the price fixes above it, the market may start a new ascending correction. The first target for bulls will be the area near the local highs.
As we can see at the H1 chart, the pair is moving above the retracement of 78.6%, but is testing this level again. If the price fixes above it during the day, the market may start a new correction very soon. Otherwise, the pair will continue falling much faster.
RoboForex Analytical Department