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Fibonacci Retracements Analysis 07.12.2016 (EUR/USD, EUR/GBP)

Analysis for December 7th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the group of downside fibo-levels twice, the EUR/USD pair started a new ascending correction. The closest target is the retracement of 38.2% at 1.0820. It’s highly likely that after completing the local correction, the market may resume its growth.

At the H1 chart, the target of the local correction is the retracement of 50%. If the pair rebounds from this level upwards, the market may resume its growth and reach a new local high.

EUR GBP, “Euro vs Great Britain Pound”

In case of the EUR/GBP pair, the current correction is getting higher. Possibly, during the next several days bulls may try to reach the retracement of 50% at 0.8610, which is confirmed by intraday fibo-levels.

As we can see at the H1 chart, yesterday the pair rebounded the correctional retracement of 38.2% and resumed its growth. On Wednesday, the price may break the local high and then continue growing towards the group of upside retracements.

RoboForex Analytical Department

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