Fibonacci Retracements Analysis 22.12.2016 (EUR/USD, EUR/GBP)


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.

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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.