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Fibonacci Retracements Analysis 20.12.2016 (EUR/USD, EUR/GBP)

Analysis for December 20th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is getting closer to the local low. The closest target for bears is the group of fibo-levels at 1.0200. If later the price rebounds from this area, the market may start a new ascending correction.  

As we can see at the H1 chart, yesterday the pair rebounded from the correctional retracement of 38.2% and resumed moving downwards. It’s highly likely that on Tuesday the price may continue falling.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the group of downside fibo-levels again, which means that it may start a new ascending correction. As a result, during the next several days the market may reach the retracement of 38.2% at 0.8610.

At the H1 chart, the pair rebounded from the local retracement of 78.6%. Possibly, on Tuesday the price may start a new ascending movement and break yesterday’s high very soon.

RoboForex Analytical Department

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