Analysis for December 1st, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is being corrected. Possibly, in the nearest future the price may test the retracement of 38.2%. If the market rebounds from it, Eurodollar may resume its decline towards the group of lower fibo-levels at 1.0450.
As we can see at the H1 chart, the target of the current correction is the retracement of 61.8%, which is confirmed by local levels. If the price rebounds from this area, the market may resume its descending movement.
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 61.8% 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 Tuesday the pair may reach a new low.
RoboForex Analytical Department