Analysis for December 8th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair reached a new local high. It’s highly likely that on Thursday bulls may break the retracement of 38.2%. In this case, the market may continue growing towards the retracement of 50% at 1.0905.
As we can see at the H1 chart, the pair rebounded from the retracement of 38.2% and resumed its ascending movement. In the nearest future, the market may continue growing towards the correctional retracement of 50%, which is confirmed by intraday fibo-levels.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is still being corrected as well. On Thursday, the price may continue moving upwards. The closest target is the retracement of 38.2%, which is confirmed by several local fibo-levels.
At the H1 chart, the local correction is taking place. During the day, the pair may complete it and break the previous high. If later the price rebounds from the retracement of 38.2%, the market may start a new descending correction.
RoboForex Analytical Department