Analysis for August 11th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair hasn’t been able to break the correctional retracement of 78.6% after all, which means that it may resume falling. Consequently, in the nearest future the market may break its local low. The closest target for bears is still the group of downside retracements at 1.0810.
As we can see at the H1 chart, the target is the group of retracements at 1.0880. If later the market rebounds from this area, the pair may start an intraday ascending correction.
EUR GBP, “Euro vs Great Britain Pound”
Europound continues growing and may soon break July’s high. The main bullish target for the next several days is the group of retracements at 0.8860 – 0.8880. I’m planning to open a buy order during the upcoming correction.
As we can see at the H1 chart, after rebounding from the local correctional retracement of 50%, the EUR/GBP pair has resumed its growth. The intraday target for bulls is the group of retracements at 0.8725. If the price rebounds from this area, it may start a new descending correction.
RoboForex Analytical Department