Analysis for January 4th, 2017
EUR USD, “Euro vs US Dollar”
At the daily chart, the EUR/USD pair is trying to rebound from the group of fibo-levels, which means that it may start a new local correction. However, later the market may continue moving downwards to reach the area at 0.9970.
As we can see at the H4 chart, the pair rebounded from the closest group o fibo-level three times. The closest target is the retracement of 50%. If later the market rebounds from this level, the price may resume its decline.
EUR GBP, “Euro vs Great Britain Pound”
At the daily chart, the EUR/GBP pair is being corrected to the downside. The retracement of 38.2% provided resistance and the price may continue falling towards the retracement of 61.8%.
As we can see at the H4 chart, the pair rebounded from the retracement of 38.2% and several local fibo-levels. As a result, after finishing the local correction, the market may resume its decline and break the December’s lows.
RoboForex Analytical Department