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Fibonacci Retracements Analysis 21.12.2016 (EUR/USD, EUR/GBP)

Analysis for December 21st, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is still falling. 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.

At the H1 chart, the pair is testing the correctional retracement of 61.8%. If the price rebounds from this level, it may start another decline and break the local low.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the group of local fibo-levels and right now is trying to start an ascending correction. The closest target is the retracement of 38.2%. If the price rebounds from this level, the market may resume its decline.

At the H1 chart, yesterday the pair rebounded from the correctional retracement of 61.8% and started a short-term growth. Possibly, on Wednesday bulls may try to break the local high and continue the current ascending correction.

RoboForex Analytical Department

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