Analysis for December 16th, 2015
EUR USD, “Euro vs US Dollar”
Yesterday, Eurodollar rebounded from the group of upper fibo-levels and started a descending correction. The first target is the area at 1.0730. If the market rebounds from this area upwards, the price may resume its ascending movement.
As we can see at the H1 chart, the price has broken Moving Average (period 34), which provided support for the pair’s ascending movement earlier. The local target is the group of retracements at 1.0875. If the pair breaks this area, the market will continue falling much deeper.
EUR GBP, “Euro vs Great Britain Pound”
Europound is trying to rebound from the group of upper fibo-levels and resume its movement inside the current downtrend. On Wednesday, 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. It’s highly likely that on Wednesday the pair may resume its descending movement. The closest target is the group of fibo-levels at 0.7170.
RoboForex Analytical Department