Analysis for November 7th, 2016
At the end of the last week, bulls attempted to break the 6/8 level, but the price couldn’t stay above it and right now is moving below the H4 Super Trend. Consequently, in the nearest future the market may fall towards the 4/8 level.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the pair couldn’t stay inside the “overbought zone”. If Super Trends form “bearish cross” soon, the price will move to reach the 4/8 level.
The EUR/JPY pair is testing the 8/8 level again (earlier, it rebounded from this level). If bears rebound from it once more, the closest target will be at the 6/8 level. In case this level is broken as well, the market will continue falling to reach the 4/8 one.
EUR JPY, “Euro vs Japanese Yen”
The lines at the H4 and H1 charts are completely the same. To confirm a new descending movement, the market has to break the H1 Super Trend and fix below it. Later, after reaching the 6/8 level, the pair may start a local ascending correction.
RoboForex Analytical Department
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