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Fibonacci Retracements Analysis 15.12.2016 (EUR/USD, EUR/GBP)

Analysis for December 15th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the correctional retracement of 38.2%, the EUR/USD pair resumed falling and reached a new low. The closest target is the group of fibo-levels at 1.0360. After reaching them, the price may start an ascending correction.

At the H1 chart, yesterday the pair rebounded from the retracement of 38.2% once again. During the day, the local correction may take place towards the above-mentioned retracement at 1.0543. If the market rebounds from this level, it may resume falling to reach its downside targets.

EUR GBP, “Euro vs Great Britain Pound”

In case of the EUR/GBP pair, the local descending correction is taking place. In the nearest future, the market may resume moving upwards to reach the retracement of 38.2%, which is confirmed by intraday fibo-levels.

As we can see at the H1 chart, the pair is trading close to the correctional retracement of 78.6%. If later the market fixes above this level, it may start another growth to reach the group of upside fibo-levels at 0.8590 – 0.8610.

RoboForex Analytical Department

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