Analysis for August 17th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the correctional retracement of 78.6%, the EUR/USD pair continues the correction. Consequently, in the nearest future the market may resume growing towards the next group of upside fibo-levels at 1.1425.
At the H1 chart, the pair is trying to rebound from the local correctional retracement of 38.2%. If later the market is able to fix above the retracement of 23.6%, the price may break the previous high and reach the upside targets.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair may yet continue moving upwards. It’s highly likely that after finishing the current correction, the market may resume growing towards the group of upside fibo-levels at 0.8860 – 0.8880.
As we can see at the H1 chart, the retracements of 38.2% is providing support. If the market rebounds from this level in the nearest future, it may start another ascending movement. If later the pair rebounds from its upside targets, the price may start a new correction.
RoboForex Analytical Department
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