Analysis for December 23rd, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the ascending correction continues. Earlier, the price rebounded from the group of downside fibo-levels. The closest target 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 local correction with the target at the retracement of 50% is taking place. If later the price rebounds from this level, the market may continue growing towards the upside targets.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is still being corrected to the upside. The closest target is the retracement of 38.2%, which is confirmed by local fibo-levels. If later the market may rebounds from its upside targets, bears may try to start a new decline.
At the H1 chart, the pair rebounded from the correctional retracement of 61.8% and resumed moving upwards. Possibly, on Friday the price may test the group of upside fibo-levels. The future scenario depends on how the market will move there.
RoboForex Analytical Department