Fibonacci Retracements Analysis 07.12.2016 (EUR/USD, EUR/GBP)


Analysis for December 7th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the group of downside fibo-levels twice, the EUR/USD pair started a new ascending correction. The closest target is the retracement of 38.2% at 1.0820. It’s highly likely that after completing the local correction, the market may resume its growth.

At the H1 chart, the target of the local correction is the retracement of 50%. If the pair rebounds from this level upwards, the market may resume its growth and reach a new local high.

EUR GBP, “Euro vs Great Britain Pound”

In case of the EUR/GBP pair, the current correction is getting higher. Possibly, during the next several days bulls may try to reach the retracement of 50% at 0.8610, which is confirmed by intraday fibo-levels.

As we can see at the H1 chart, yesterday the pair rebounded the correctional retracement of 38.2% and resumed its growth. On Wednesday, the price may break the local high and then continue growing towards the group of upside retracements.

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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.