Analysis for December 5th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the group of downside fibo-levels. Consequently, on Monday the price may test the correctional retracement of 23.6%. If the pair rebounds from this level, the market may resume its decline.
As we can see at the H1 chart, the upside target area is confirmed by intraday fibo-levels. On Monday, the pair may reach a new local high. If the price rebounds from its closest targets, the market may resume its decline.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair reached a new low. In the nearest future, after finishing the local correction, the market may resume falling towards its downside targets at 0.8245.
At the H1 chart, the closest target of the ascending correction is the retracement of 50%. If the price rebounds from this area, the pair may resume falling and reach the closest group of retracements.
RoboForex Analytical Department