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Fibonacci Retracements Analysis 26.12.2016 (EUR/USD, EUR/GBP)

Analysis for December 26th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the group of downside fibo-levels, the EUR/USD pair is still being corrected. It’s highly likely that in the nearest future the market may continue moving upwards to reach the retracement of 38.2% at 1.0552.

At the H1 chart, the pair rebounded from the correctional retracement of 50%, but may test it one more time. In case it rebounds again, the market may resume growing, break the local high, and reach the main target at the retracement of 38.2%.

EUR GBP, “Euro vs Great Britain Pound”

After rebounding from the downside fibo-levels, the EUR/GBP pair is still moving upwards. The closest target is the retracement of 38.2%. If later the market may rebounds from this level, bears may try to start a new decline. Otherwise, bulls will continue pushing the price to the upside.  

At the H1 chart, the pair rebounded from the local retracement of 23.6% during the intraday correction. As a result, in the nearest future the market may resume growing and break last Friday’s high.

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