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Fibonacci Retracements Analysis 02.12.2016 (EUR/USD, EUR/GBP)

Analysis for December 2nd, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is still consolidating. Yesterday, the price couldn’t reach the retracement of 23.6% and reverse to the downside. Consequently, in the nearest future the market may test the group of downside fibo-levels one more time.

As we can see at the H1 chart, yesterday the pair rebounded from the local retracement of 61.8% and started falling quickly. It’s highly likely that on Friday the price may continue falling to reach its downside targets.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from its target area and may start a new correction. The closest target is the retracement of 38.2%. If this level is broken, the correction may continue towards the retracement of 50%.

At the H1 chart, the market is testing the group of downside fibo-levels again. If the price rebounds from this area, the pair may continue the current ascending correction towards the retracement of 38.2%. As a result, the market may break the local high quite soon.

RoboForex Analytical Department

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