Analysis for August 9th, 2016
EUR USD, “Euro vs US Dollar”
Earlier, the pair rebounded from the correctional retracement of 61.8% and started falling. It’s highly likely that in the nearest future the price will continue moving towards the group of downside retracements at 1.0810.
As we can see at the H1 chart, the pair has rebounded from the local retracement of 50% twice, which means that it may start a new decline. The closest target for bears is the group of local fibo-levels at 1.0890.
EUR GBP, “Euro vs Great Britain Pound”
Europound has reached its target at the correctional retracement of 78.6%. If later the price rebounds from this level downwards, the market may start a new descending correction. Otherwise, if the pair breaks this level and stays above it, the market will continue moving upwards.
As we can see at the H1 chart, the pair has reached its target area, which was confirmed by local retracements as well. if the price fails to break the retracement of 78.6% and other fibo-levels surrounding it, the market may start a new descending correction.
RoboForex Analytical Department
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