Analysis for December 28th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the correctional retracement of 23.6% twice, which means that it may start a short-term decline, at least. However, later the ascending correction may continue towards the retracement of 38.2%.
At the H1 chart, the closest downside target is the retracement of 61.8%. If later the price rebounds from this level, the market will resume growing and break local highs.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair continues growing slowly towards the correctional retracement of 38.2%. Possibly, in the nearest future bulls may make a final movement, break this month’s high, and reach the above-mentioned target. If later the market may rebounds from this level, bears may try to start a new decline.
At the H1 chart, the pair rebounded from the retracement of 23.6% and resumed moving upwards. It’s highly likely that on Wednesday the market may break the local high. The future scenario depends on how the price will move after reaching the closest group of fibo-levels.
RoboForex Analytical Department