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Fibonacci Retracements Analysis 06.12.2016 (EUR/USD, EUR/GBP)

Analysis for December 6th, 2016

EUR USD, “Euro vs US Dollar”

In case of the EUR/USD pair, the ascending correction continues. Earlier, the price rebounded from the group of downside fibo-levels twice. The closest target for bull is the retracement of 38.2%. If the pair rebounds from this level, the market may resume its decline.

At the H1 chart, the local correction continues. On Tuesday, the pair may test the retracement of 38.2%. If the price rebounds from this level upwards, the market may resume its growth and break the high.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is being corrected as well. It’s highly likely that in the nearest future the market may continue growing towards the group of fibo-levels at 0.8600.

As we can see at the H1 chart, the target of the local descending correction is the retracement of 50%. If the price rebounds from this area, the pair may resume growing and break yesterday’s high. Otherwise, the market may continue falling.

RoboForex Analytical Department

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