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Fibonacci Retracements Analysis 19.12.2016 (EUR/USD, EUR/GBP)

Analysis for December 19th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is still moving downwards. After finishing the local correction, the price may continue falling. The closest target for bears is the group of fibo-levels at 1.0200.

As we can see at the H1 chart, the pair is attempting to rebound from the correctional retracement of 38.2%. Consequently, in the nearest future the market may resume moving downwards to reach its downside targets and break the local low.

EUR GBP, “Euro vs Great Britain Pound”

After rebounding from the group of downside fibo-levels, the EUR/GBP pair is attempting to start a new ascending correction. As a result, in the nearest future the market may reach the retracement of 38.2% at 0.8610, which is confirmed by intraday fibo-levels.

At the H1 chart, the pair may start a short-term decline towards the retracement of 78.6%. If later the price rebounds from this level, the market may resume growing to reach the closest target area.

RoboForex Analytical Department

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