Analysis for December 22nd, 2015
EUR USD, “Euro vs US Dollar”
The current ascending correction has turned out to be deeper than we expected. Last week, Eurodollar rebounded from the group of upper fibo-levels near the retracement of 50% at 1.10, which means that it may start a new descending movement. The first target of the correction is the area at 1.0730.
If the price rebound from the correctional retracement of 61.8% (which is confirmed by intraday retracements) in the nearest future, it may resume its decline. The local target area is confirmed by local retracements.
EUR GBP, “Euro vs Great Britain Pound”
Europound has finally broken the group of upper fibo-levels and right now is still moving upwards. In the nearest future, the pair may continue growing to reach the group of fibo-levels at 0.7385. If later the price rebounds from this area, it may start a new descending correction.
At the H1 chart, the upside targets are confirmed by local retracements. It’s highly likely that on Tuesday the price may break the yesterday’s local high. We should note that if the market rebounds breaks the upper target area, the pair may continue growing much faster.
RoboForex Analytical Department