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Fibonacci Retracements Analysis 12.12.2016 (EUR/USD, EUR/GBP)

Analysis for December 12th, 2016

EUR USD, “Euro vs US Dollar”

At the H4 chart, the EUR/USD pair rebounded from the retracement of 38.2% and started plummeting. In the nearest future, after finishing the local correction, the market may resume falling towards its downside targets.

As we can see at the H1 chart, the pair rebounded from the closest group of the downside fibo-levels. As a result, on Monday the price may grow to reach the correctional retracement of 38.2%. If later it rebounds from this level, the market may resume moving downwards.

EUR GBP, “Euro vs Great Britain Pound”

It looks like the EUR/GBP pair started a new ascending correction. Consequently, during the next several days the price may continue moving upwards to reach the retracement of 38.2%, which is confirmed by local fibo-levels.  

At the H1 chart, the pair rebounded from the retracement of 78.6%, which means that it may start growing to reach the closest group of fibo-levels at 0.8600. As a result, the market may break the previous high quite soon.

RoboForex Analytical Department

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