Analysis for December 22nd, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from its downside targets, the EUR/USD pair started a new ascending correction. The closest target for bulls is the retracement of 38.2%. If later the price rebounds from this level, the market may resume its decline.
At the H1 chart, the upside targets are confirmed by local fibo-levels. As a result, on Thursday the pair may continue growing towards the target area at 1.0565 – 1.0555.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair rebounded from the group of downside fibo-levels and started a new correction. The closest target is the retracement of 38.2%, which is confirmed by local fibo-levels. It’s highly likely that the market may break the December’s high until the end of this trading week.
At the H1 chart, the pair rebounded from the local retracement of 61.8% and resumed moving upwards. Eventually, the price this week’s high and is still growing. Possibly, on Thursday bulls may push the market much higher.
RoboForex Analytical Department