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Fibonacci Retracements Analysis 07.11.2016 (EUR/USD, EUR/GBP)

Analysis for November 7th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair couldn’t fix above the correctional retracement of 61.8% after all and started moving downwards. The closest target for bears is the retracement of 50% at 1.1010. If later the pair rebounds from this level, the market may start a local ascending correction.

As we can see at the H1 chart, there are several intraday fibo-levels near the retracement of 50%. Consequently, the future scenario depends on how the price will move after reaching this target area.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair finally managed to rebound from the correctional retracement of 38.2%, which means that the current flat may yet continue. The short-term target is the downside border of the closest group of fibo-levels.

As we can see at the H1 chart, the target for bulls is the correctional retracement of 50%. If bulls aren’t able to break it on the first try, the market may start a local descending correction.

RoboForex Analytical Department

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