Analysis for December 4th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has started an ascending correction with the closest target at the group of fibo-levels close to the correctional retracement of 50%. If this level is broken, the market may continue its growth towards the retracement of 61.8%.
As we can see at the H1 chart, the price is moving near the local retracement of 23.6%. If this level is broken, the market will fall towards the retracement of 38.2%. However, if the price rebounds from one of these retracements upwards, it may resume its ascending movement towards upside targets.
EUR GBP, “Euro vs Great Britain Pound”
Europound has started an ascending correction as well. During the local correction, I opened a buy order with the take profit at the closest group of fibo-levels at 0.7295. If the market rebounds from this area downwards, the downtrend is expected to resume.
As we can see at the H1 chart, the price is trying to rebound from the retracement of 23.6%. It’s highly likely that on Friday the pair may complete the local correction and break yesterday’s high. In addition to that, if the market breaks its target area and stays above it, the ascending movement may continue.
RoboForex Analytical Department