Fibonacci Retracements Analysis 16.12.2016 (EUR/USD, EUR/GBP)


Analysis for December 16th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the group of local fibo-levels, the EUR/USD pair started a new correction. However, in the nearest future the market may resume falling. The closest target is the area at 1.0200.

At the H1 chart, the target of the local ascending correction is the retracement of 38.2%. If the price rebounds from this level in the nearest future, the market may resume moving downwards.

EUR GBP, “Euro vs Great Britain Pound”

In case of the EUR/GBP pair, the local descending correction may yet continue. Consequently, in the nearest future the market may reach the retracement of 38.2% at 0.8610, which is confirmed by intraday fibo-levels.

As we can see at the H1 chart, the pair managed to stay above the correctional retracement of 78.6%. As a result, in the nearest future the market may resume growing towards the local high.

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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.