Analysis for December 29th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the group of downside fibo-levels again, thus continuing the current ascending correction. The closest target for bulls is the retracement of 38.2%. If later the price rebounds from this level, the market may resume moving downwards.
At the H1 chart, yesterday the pair rebounded from the correctional retracement of 78.6%. It’s highly likely that on Thursday the price may break the local high. Later, the market may test the group of upside fibo-levels.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair continues growing slowly towards the correctional retracement of 38.2%. If later the price rebounds from this level to the downside, bears may start a new decline.
At the H1 chart, the pair rebounded from the correctional retracement of 23.6% twice and broke local highs. It’s highly likely that in the nearest future the market may continue moving upwards.
RoboForex Analytical Department