Fibonacci Retracements Analysis 14.12.2016 (EUR/USD, EUR/GBP)

14.12.2016

Analysis for December 14th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the correctional retracement of 38.2%, the EUR/USD pair plummeted towards its local lows. In the nearest future, the market may complete the local correction and resume falling. The closest target is the group of fibo-levels at 1.0360.



At the H1 chart, the pair rebounded from the correctional retracement of 38.2% twice. Consequently, in the nearest future the market may test the group of downside fibo-levels. If they are broken, the price may continue moving downwards much faster.




EUR GBP, “Euro vs Great Britain Pound”

It’s highly likely that the EUR/GBP pair is about to complete the local descending correction. As a result, in the nearest future the market may resume moving upwards. The closest target is the group of fibo-levels at 0.8600.



On Wednesday, the pair may reach a new low. If later the price fixes above the correctional retracement of 78.6%, the market may continue growing to reach its closest target near the local high.



 
RoboForex Analytical Department

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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