Cookies help us deliver our services. By using our services, you agree to our use of cookies.
Learn more Got it
Dakar 2017
Home / Analytics / Forex analysis & forecasts / Forex Technical analysis and forecasts / Fibonacci Retracements Analysis 04.08.2016 (EUR/USD, EUR/GBP)
Ask a question
Did not find the information you need? Ask your questions and get answers online!
Enter chat
Or enter your phone number in the form below and we will call you right away.
Call back




Fibonacci Retracements Analysis 04.08.2016 (EUR/USD, EUR/GBP)

04.08.2016

Analysis for August 4th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has rebounded from the correctional retracement of 61.8% and started falling. It looks like right now the price is starting a new decline towards the group of downside retracements at 1.0810. So far, I’m holding one sell order, but in the future planning to increase my position.



At the H1 chart, the local correction may take place. If later the price rebounds from the correctional retracement of 38.2%, the pair may resume moving downwards. The closest target for bears is the group of local fibo-levels at 1.1100.




EUR GBP, “Euro vs Great Britain Pound”

Europound rebounded from the correctional retracement of 61.8% twice, and after that, bulls were exhausted. It’s highly likely that in the nearest future the market may fall towards the previous low and the retracement of 38.2%.



At the H1 chart, the pair may rebound from the closest support level near the group of local retracements at 0.8340. If it happens, the price may start a local ascending correction. However, if this area is broken, the market may continue falling faster.



 
RoboForex Analytical Department

Dear reader!

Without authorization, you can view no more than two reviews per day and no more than 10 per month. To continue reading analytical reviews, register or login to your Members Area.

Attention!

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.