Analysis for November 29th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still consolidating. It’s highly likely that in the nearest future the price may resume the ascending correction and test the retracement of 23.6%. If the market rebounds from this level, it may start a new descending movement.
As we can see at the H1 chart, the target of the current correction is the retracement of 78.6%. If later the price rebounds from this level, the market may resume growing towards the target area at 1.0700.
EUR GBP, “Euro vs Great Britain Pound”
Possibly, the EUR/GBP pair may continue the correction as well. The closest target for bulls is the retracement of 50%. If later the price rebounds from this level, the market may start a new decline towards its downside targets.
As we can see at the H1 chart, the local correction is about to complete. In the nearest future, the price may grow towards the group of retracements at 0.8580. However, if the price rebounds from this area, the market may resume falling and break the low.
RoboForex Analytical Department