Analysis for November 30th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still being corrected. The closest target is the retracement of 23.6%. If the market rebounds from this level, it may start a short-term decline. However, in case this level is broken, the correction may continue much higher.
As we can see at the H1 chart, the closest target is the group of fibo-levels at 1.0700. Possibly, the pair may rebound from this area and start a short-term decline.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair couldn’t fix above the retracement of 38.2% and may continue moving downwards. The closest target for bears is the group of fibo-levels at 0.8415.
As we can see at the H1 chart, the downside targets are confirmed by local fibo-levels. It’s highly likely that in the nearest future the market may continue falling and reach a new low. If later the price rebounds from the downside target area, the pair may start a new correction.
RoboForex Analytical Department