Fibonacci Retracements Analysis 23.12.2016 (EUR/USD, EUR/GBP)

23.12.2016

Analysis for December 23rd, 2016

EUR USD, “Euro vs US Dollar”

In case of the EUR/USD pair, the ascending correction continues. Earlier, the price rebounded from the group of downside fibo-levels. The closest target is the retracement of 38.2%. If later the price rebounds from this level, the market may resume its decline.



At the H1 chart, the local correction with the target at the retracement of 50% is taking place. If later the price rebounds from this level, the market may continue growing towards the upside targets.




EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still being corrected to the upside. The closest target is the retracement of 38.2%, which is confirmed by local fibo-levels. If later the market may rebounds from its upside targets, bears may try to start a new decline.



At the H1 chart, the pair rebounded from the correctional retracement of 61.8% and resumed moving upwards. Possibly, on Friday the price may test the group of upside fibo-levels. The future scenario depends on how the market will move there.



 
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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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