Analysis for December 18th, 2015
EUR USD, “Euro vs US Dollar”
After rebounding from the group of upper fibo-levels, Eurodollar has started a descending correction. The first target is the area at 1.0730. If the market rebounds from this area upwards, the price may resume its ascending movement.
At the H1 chart, the price is consolidating. The downside targets are confirmed by local retracements. It’s highly likely that quite soon the pair may resume its decline and reach a new local low.
EUR GBP, “Euro vs Great Britain Pound”
Europound is trying to rebound from the group of upper fibo-levels and resume its movement inside the current downtrend. On Friday, the pair may fall to reach the group of local retracements at 0.7170.
As we can see at the H1 chart, the predicted target of the current correction is confirmed by local retracements. It’s highly likely that on Friday the pair may resume its descending movement. The closest target is the group of fibo-levels at 0.7170.
RoboForex Analytical Department
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