Fibonacci Retracements Analysis 10.08.2016 (EUR/USD, EUR/GBP)

10.08.2016

Analysis for August 10th, 2016

EUR USD, “Euro vs US Dollar”

Earlier, the pair rebounded from the correctional retracement of 61.8% and started falling. Consequently, if the price rebounds from the local retracement of 61.8% during the day, the pair will resume moving downwards.



As we can see at the H1 chart, the target at the retracement of 61.8% is confirmed by several intraday fibo-levels. It’s very important to wait until the price rebounds from this level. if it happens and the market stays below the retracement of 50%, I’m planning to open a sell order.




EUR GBP, “Euro vs Great Britain Pound”

Europound is still moving close to the correctional retracement of 78.6%. The market hasn’t been able to break it yet, but If later the price fixes below it, the pair will start a new descending movement.



As we can see at the H1 chart, the retracement of 78.6% is confirmed by several intraday fibo-levels. I’m staying out of the market right now because the price hasn’t rebounded from this target area yet. One should also note that if bulls break the retracement of 78.6% after all, the market may start a deeper ascending correction.



 
RoboForex Analytical Department

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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.

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