Analysis for December 8th, 2015
EUR USD, “Euro vs US Dollar” In case of Eurodollar, the local correction continues. Later, the pair may resume growing with the closest target at the group of fibo-levels near the retracement of 50%. If this level is broken, the market may continue its growth towards the retracement of 61.8%.
As we can see at the H1 chart, the current correction may continue towards the retracement of 50%. However, if the price rebounds from this retracement upwards, it may resume its ascending movement towards upside targets.
EUR GBP, “Euro vs Great Britain Pound”
Europound is also being corrected. The closest target is the group of fibo-levels at 0.7295. Possibly, the market may resume moving towards its upside targets very soon.
As we can see at the H1 chart, the current correction towards the retracement of 50% may yet continue. It’s highly likely that on Tuesday the pair may reach a new local low. Later, the market may continue its ascending movement to reach upside targets.
RoboForex Analytical Department