Analysis for December 3rd, 2015
EUR USD, “Euro vs US Dollar”
After rebounding from the retracement of 38.2%, Eurodollar is starting a new descending movement. During the day, the price may break the local minimum. Later, the market may continue its decline towards the group of lower fibo-levels at 1.0450.
As we can see at the H1 chart, the current correction has completed at the retracement of 61.8% and rebounded from it. In the nearest future, the pair may resume its descending movement towards downside targets.
EUR GBP, “Euro vs Great Britain Pound”
Considering that Europound has rebounded from the retracement of 61.8%, the downtrend is expected to resume. The closest target is still the group of lower fibo-levels at 0.6875.
As we can see at the H1 chart, the predicted target of the current correction is confirmed by local retracements. Later, the market may continue falling towards the group of fibo-levels at 0.6945. Possibly, after reaching this area, the pair may start a local ascending correction.
RoboForex Analytical Department