Analysis for December 2nd, 2015
EUR USD, “Euro vs US Dollar”
After rebounding from the retracement of 38.2%, Eurodollar is making another attempt to resume falling. Possibly, the price may break the local minimum quite soon. Later, the market may resume its decline towards the group of lower fibo-levels at 1.0450.
As we can see at the H1 chart, the current correction has completed at the retracement of 61.8% and rebounded from it. It’s highly likely that in the nearest future the pair may resume its descending movement towards downside targets.
EUR GBP, “Euro vs Great Britain Pound”
Considering that Europound has rebounded from the retracement of 38.2% twice, the downtrend is expected to resume. The closest target is still the group of lower fibo-levels at 0.6875.
As we can see at the H1 chart, Europound has rebounded from the retracement of 78.6% several times during the local correction. Later the market may continue falling towards the group of fibo-levels at 0.6945. It’s highly likely that on Wednesday the pair may reach a new low.
RoboForex Analytical Department
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