Analysis for December 21st, 2015
EUR USD, “Euro vs US Dollar”
After rebounding from the group of upper fibo-levels, Eurodollar started a descending correction. While consolidating, the market managed to stay below Moving Average, which provided support earlier. The first target is the area at 1.0730.
At the H1 chart, the local ascending correction faced resistance from the group of local retracements at 1.0870. If the market rebounds from this area during the day, the pair may resume its decline and reach a new local low.
EUR GBP, “Euro vs Great Britain Pound”
Europound is trying to rebound from the group of upper fibo-levels and resume its movement inside the current downtrend. On Monday, the pair may fall to reach the group of 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. If the market rebounds from this area in the nearest future, the pair may resume its descending movement.
RoboForex Analytical Department