Fibonacci Retracements Analysis 20.12.2016 (EUR/USD, EUR/GBP)

20.12.2016

Analysis for December 20th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is getting closer to the local low. The closest target for bears is the group of fibo-levels at 1.0200. If later the price rebounds from this area, the market may start a new ascending correction.  



As we can see at the H1 chart, yesterday the pair rebounded from the correctional retracement of 38.2% and resumed moving downwards. It’s highly likely that on Tuesday the price may continue falling.




EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the group of downside fibo-levels again, which means that it may start a new ascending correction. As a result, during the next several days the market may reach the retracement of 38.2% at 0.8610.



At the H1 chart, the pair rebounded from the local retracement of 78.6%. Possibly, on Tuesday the price may start a new ascending movement and break yesterday’s high very soon.



 
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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