Analysis for August 4th, 2015
EUR USD, “Euro vs US Dollar”
It looks like at the end of the last week, Eurodollar rebounded from the retracement of 61.8% several times and, thus, completed the correction. The target is still the group of lower fibo-levels. In the nearest future, the market is expected to continue falling and break the local low.
As we can see at the H1 chart, the predicted target of the current ascending correction is confirmed by local retracements. During the day, the market may reach a new low. Later, I’m planning to open additional sell orders.
EUR GBP, “Euro vs Great Britain Pound”
Europound has rebounded from the retracement of 50% and started a new decline. The target for the nearest future is still the group of fibo-levels at 0.6870. Earlier, I opened a sell order when the price completed the local correction. In the future, I’m planning to increase my short position.
As we can see at the H1 chart, after rebounding from the group of upper fibo-levels, the price has started falling. The target is still the lower area, which is confirmed by several local retracements. In the nearest future, the market is expected to break the last week’s low and resume moving downwards.
RoboForex Analytical Department