Analysis for December 14th, 2015
EUR USD, “Euro vs US Dollar”
At the end of the last week, Eurodollar once again rebounded from the correction retracement of 50% and the group of confirming fibo-levels. On Monday, the pair may continue moving towards the retracement of 38.2%. If the market breaks this level and stays below it, the price may fall much deeper.
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. If the pair breaks the retracement of 38.2%, it will continue moving towards 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 Monday, after being corrected for a while, 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. Possibly, on Monday the pair may test the correctional retracement of 61.8%. If the market rebounds from this level, it may resume its decline.
RoboForex Analytical Department