Analysis for December 27th, 2016
EUR USD, “Euro vs US Dollar”
Over the last 24 hours, the EUR/USD pair has been moving in a narrow range. Earlier, the price rebounded from the group of downside fibo-levels and skyrocketed. As a result, in the nearest future the ascending correction may continue towards the retracement of 38.2%.
At the H1 chart, the pair rebounded from the local correctional retracement of 50%. If the price is able to stay above this level, in the future the market will resume growing and break the local high.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is also consolidating. Earlier, the price rebounded from several local fibo-levels and started an ascending correction. The closest target for bulls is the retracement of 38.2%. If later the market may rebounds from this level, bears may try to start a new decline.
At the H1 chart, the current short-term correction was supported by the retracement of 23.6%. As a result, on Tuesday the market may break the local high and continue growing towards its upside targets.
RoboForex Analytical Department