Analysis for September 4th, 2015
EUR USD, “Euro vs US Dollar”
It looks like, after rebounding from several upper fibo-levels, Eurodollar is starting a new descending movement. During the correction, when the pair rebounded from the retracement of 23.6%, I opened a sell order and later added another one. The market may break the minimum during the day.
At the H1 chart, the closest target is the group of fibo-levels at 1.1055. Later, the pair may start a new correction from this area. However, the door swings both ways, and if the price breaks this area, the market may continue falling much deeper.
EUR GBP, “Euro vs Great Britain Pound”
Europound has rebounded from the group of upper fibo-levels again. Consequently, the pair may continue moving towards the closest downside target at 0.7220. If later the price breaks this level, the market may fall much deeper.
At the H1 chart, the closest downside target is confirmed by local retracements. In the nearest future, the pair may resume moving downwards. Later, I’m planning to open an additional sell order.
RoboForex Analytical Department