Analysis for August 3rd, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the correctional retracement of 61.8%, which means that it may resume falling. The main target for bears for the next several weeks is still the group of downside retracements at 1.0810.
As we can see at the H1 chart, the price has rebounded not only from the correctional retracement of 61.8%, but from several intraday fibo-levels as well. Consequently, in the future the pair may break the retracement of 50% at 1.1170. If it happens, bears will return to the market.
EUR GBP, “Euro vs Great Britain Pound”
Europound has rebounded from the correctional retracement of 61.8% twice, which means that the ascending correction has completed. If the price is able to stay below the retracement of 38.2% during the day, the market may continue moving downwards.
As we can see at the H1 chart, the pair has rebounded from several local fibo-levels as well. Consequently, in the nearest future the price may fall towards the closest group of retracements at 0.8440.
RoboForex Analytical Department
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