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Fibonacci Retracements Analysis 29.12.2016 (EUR/USD, EUR/GBP)

Analysis for December 29th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair rebounded from the group of downside fibo-levels again, thus continuing the current ascending correction. The closest target for bulls is the retracement of 38.2%. If later the price rebounds from this level, the market may resume moving downwards.



At the H1 chart, yesterday the pair rebounded from the correctional retracement of 78.6%. It’s highly likely that on Thursday the price may break the local high. Later, the market may test the group of upside fibo-levels.




EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair continues growing slowly towards the correctional retracement of 38.2%. If later the price rebounds from this level to the downside, bears may start a new decline. 



At the H1 chart, the pair rebounded from the correctional retracement of 23.6% twice and broke local highs. It’s highly likely that in the nearest future the market may continue moving upwards.



 
RoboForex Analytical Department

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