Fibonacci Retracements Analysis 21.12.2016 (EUR/USD, EUR/GBP)


Analysis for December 21st, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is still falling. The closest target for bears is the group of fibo-levels at 1.0200. If later the price rebounds from this area, the market may start a new ascending correction.

At the H1 chart, the pair is testing the correctional retracement of 61.8%. If the price rebounds from this level, it may start another decline and break the local low.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the group of local fibo-levels and right now is trying to start an ascending correction. The closest target is the retracement of 38.2%. If the price rebounds from this level, the market may resume its decline.

At the H1 chart, yesterday the pair rebounded from the correctional retracement of 61.8% and started a short-term growth. Possibly, on Wednesday bulls may try to break the local high and continue the current ascending correction.

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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.