Fibonacci analysis on 23 December 2015
EUR GBP "Euro to the British pound"
EUR USD "Euro dollar"
The euro is trying to return to a decline. Earlier, the price formed a retreat from the congestion of the upper Fibo levels in the region of 50% (1.1000). The immediate target for the continuation of the correction is the lower price area (1.0730).
The market failed to stay above the 61.8% correctional mark and has traded below this line. The lower the target area on the hourly chart is also amplified by local levels. In the short term a further decline in prices is likely.
The attempt to gain a foothold above the cluster of Fibo levels (0.7385) was not successful, and the price went into a correction. The immediate goal for the bears appears to be the price area near 0.7290. With the breakdown of this zone the correction may deepen.
On the hourly chart the next lower goal is confirmed by local Fibo levels. During Wednesday a further decline in prices may occur. On the correction I plan to enter into a short-term deal to sell.
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