Fibonacci Retracements Analysis 29.12.2015 (EUR/USD, EUR/GBP)


Analysis for December 29th, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar is still consolidating near the group of upper fibo-levels. If the price rebounds from them again, the downtrend may resume. The target is the area at 1.0730.

At the H1 chart, the predicted target of the current correction is at the retracement of 61.8%. If the price isn’t able to stay above it, the market may resume its decline towards the downside target area at 1.0730.

EUR GBP, “Euro vs Great Britain Pound”

Europound is testing the group of upper fibo-levels at 0.7385 again. If the market rebounds from them, the current descending correction may continue. The closest target for bears is the area at 0.7290.

At the H1 chart, the closest downside target is confirmed by local retracements. On Tuesday, the price may rebound from the upside target area, after which I’m planning to open a short-term sell order.

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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.