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Fibonacci Retracements Analysis 09.11.2016 (EUR/USD, EUR/GBP)

Analysis for November 9th, 2016

EUR USD, “Euro vs US Dollar”

The price’s fast growth was stopped by the correctional retracement of 50% as the price rebounded from it and plummeted. Possibly, in the nearest future the EUR/USD pair may test the group of fibo-levels near the retracement of 61.8%.

At the H1 chart, the pair rebounded from the local retracement of 78.6% and may resume moving upwards. The closest target is the group of fibo-levels at 1.1315. After reaching them, the market may start a new correction.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still consolidating. The price is testing the retracement of 38.2% again. If later the market rebounds from this level, the current flat will continue.

As we can see at the H1 chart, the pair is getting closer to the retracement of 78.6%. If the price rebounds from this level, the market may resume growing. In this case, the pair may break the local high soon.

RoboForex Analytical Department

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