Analysis for December 10th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the group of fibo-levels near the retracement of 50%. Possibly, in the nearest future the market may continue falling towards its local low.
As we can see at the H1 chart, the predicted target of the current correction has been confirmed by local retracements. If the price breaks Moving Average (period 34), which provided support earlier, the market will resume its descending movement.
EUR GBP, “Euro vs Great Britain Pound”
In case of Europound, the situation is quite similar. The price has rebounded from the group of local fibo-levels at 0.7295 and right now is trying to resume its movement inside the current downtrend. On Thursday, the pair may fall to reach 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. On Thursday, the pair may fall to reach the closest group of fibo-levels. If the market rebounds from them, we can expect an intraday correction.
RoboForex Analytical Department