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Fibonacci Retracements Analysis 07.12.2015 (EUR/USD, EUR/GBP)

Analysis for December 7th, 2015

EUR USD, “Euro vs US Dollar”

In case of Eurodollar, the ascending correction continues; its closest target is at the group of fibo-levels close to the correctional retracement of 50%. If this level is broken, the market may continue its growth towards the retracement of 61.8%.

At the H1 chart, the price is moving near the local retracement of 38.2%. If the price rebounds from this retracement upwards, it may resume its ascending movement towards upside targets.

EUR GBP, “Euro vs Great Britain Pound”

Europound has started an ascending correction as well. The closest is the local group of fibo-levels at 0.7295. Possibly, the market may resume its growth towards upside targets during the day.

As we can see at the H1 chart, the price is trying to rebound from the retracement of 38.2%. It’s highly likely that on Monday the pair may complete the local correction. In addition to that, if the market breaks the group of upper fibo-levels and stays above them, the ascending movement may continue much higher.

RoboForex Analytical Department

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