Fibonacci Retracements Analysis 06.12.2016 (EUR/USD, EUR/GBP)


Analysis for December 6th, 2016

EUR USD, “Euro vs US Dollar”

In case of the EUR/USD pair, the ascending correction continues. Earlier, the price rebounded from the group of downside fibo-levels twice. The closest target for bull is the retracement of 38.2%. If the pair rebounds from this level, the market may resume its decline.

At the H1 chart, the local correction continues. On Tuesday, the pair may test the retracement of 38.2%. If the price rebounds from this level upwards, the market may resume its growth and break the high.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is being corrected as well. It’s highly likely that in the nearest future the market may continue growing towards the group of fibo-levels at 0.8600.

As we can see at the H1 chart, the target of the local descending correction is the retracement of 50%. If the price rebounds from this area, the pair may resume growing and break yesterday’s high. Otherwise, the market may continue falling.

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.