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Fibonacci Retracements Analysis 09.12.2016 (EUR/USD, EUR/GBP)

Analysis for December 9th, 2016

EUR USD, “Euro vs US Dollar”

Yesterday, the EUR/USD pair rebounded from the correctional retracement of 38.2% and started falling quickly. As a result, in the nearest future the market may fall towards the closest group of fibo-levels at 1.0350.

As we can see at the H1 chart, the pair is getting closer to the group of fibo-levels, from which it rebounded earlier. If the price is able to break this area this time, the market may continue moving downwards.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still being corrected, but may yet continue moving upwards. Consequently, in the nearest future the market may resume growing towards the retracement of 38.2%.

At the H1 chart, the downside target is the retracement of 78.6%. If later the price rebounds from this level, the market may start a new ascending movement. Otherwise, it may continue moving downwards.

RoboForex Analytical Department

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