Fibonacci Retracements Analysis 02.12.2016 (EUR/USD, EUR/GBP)


Analysis for December 2nd, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is still consolidating. Yesterday, the price couldn’t reach the retracement of 23.6% and reverse to the downside. Consequently, in the nearest future the market may test the group of downside fibo-levels one more time.

As we can see at the H1 chart, yesterday the pair rebounded from the local retracement of 61.8% and started falling quickly. It’s highly likely that on Friday the price may continue falling to reach its downside targets.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from its target area and may start a new correction. The closest target is the retracement of 38.2%. If this level is broken, the correction may continue towards the retracement of 50%.

At the H1 chart, the market is testing the group of downside fibo-levels again. If the price rebounds from this area, the pair may continue the current ascending correction towards the retracement of 38.2%. As a result, the market may break the local high quite soon.

RoboForex Analytical Department


Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.