Analysis for December 13th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still being corrected. However, in the nearest future the market may reverse and resume falling towards the group of downside fibo-levels at 1.0360.
At the H1 chart, the target of current ascending correction is the retracement of 50%. If later the pair rebounds from this level, it may resume falling. However, if this retracement is broken, the market may continue moving upwards.
EUR GBP, “Euro vs Great Britain Pound”
In case of the EUR/GBP pair, the local descending correction continues. However, in the nearest future the market may resume moving upwards to reach the group of fibo-levels near the retracement of 38.2%.
As we can see at the H1 chart, the pair broke the correctional retracement of 78.6%. If later the price fixes above this level, the market may start a short-term growth towards the local high.
RoboForex Analytical Department