Analysis for December 11th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the group of fibo-levels near the retracement of 50%, which means that it may resume falling. It’s highly likely that in the nearest future, the pair may the market may fall towards its local low.
As we can see at the H1 chart, the price has broken Moving Average (period 34), which provided support earlier, and it means that the market may resume its descending movement. The closest target is the group of fibo-levels at 1.0735.
EUR GBP, “Euro vs Great Britain Pound”
Europound has rebounded from the group of local fibo-levels and right now is trying to resume its movement inside the current downtrend. On Friday, the pair may fall to reach local retracements at 0.7170.
As we can see at the H1 chart, the predicted target of the current correction is confirmed by local retracements. On Friday, the pair may fall to reach the group of lower fibo-levels at 0.7170. If the market breaks them, it may continue falling much deeper.
RoboForex Analytical Department