Analysis for December 17th, 2015
EUR USD, “Euro vs US Dollar”
After rebounding from the group of upper fibo-levels, Eurodollar has 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 reached the intraday target near 1.0875. Consequently, on Thursday the pair may continue moving towards the main target, which is confirmed by local retracements.
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 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. It’s highly likely that on Thursday the pair may resume its descending movement. The closest target is the group of fibo-levels at 0.7170.
RoboForex Analytical Department