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Fibonacci Retracements Analysis 21.11.2016 (EUR/USD, EUR/GBP)

Analysis for November 21st, 2016

EUR USD, “Euro vs US Dollar”

Although the EUR/USD pair reached its targets, it may yet try to reach the group of retracements at 1.0450. If later the price rebounds from this area to the upside, the market may start a new correction.

At the H1 chart, the pair is trying to rebound from the correctional retracement of 38.2%. If the pair succeeds, the market may resume moving downwards and break the previous low.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair reached the retracement of 78.6%. Nevertheless, the price may yet try to test this level once again in the nearest future. If the pair rebounds from this level upwards, the market may start a new bullish correction.

As we can see at the H1 chart, the pair rebounded twice from the group of local retracements, which means that the price may test the lows once again. If the price rebounds from the retracement of 78.6%, the market may start a new ascending correction.

RoboForex Analytical Department

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