Analysis for August 24th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is moving below the correctional retracement of 78.6% again and may soon reach the retracement of 61.8%. If later the price breaks this level, the market may continue falling much deeper.
As we can see at the H1 chart, the retracement of 61.8% is confirmed by several intraday fibo-levels. As a result, the price may start a new local ascending correction from this retracement.
EUR GBP, “Euro vs Great Britain Pound”
Yesterday, the EUR/GBP pair broke the correctional retracement of 38.2% and started falling fast. It’s highly likely that in the nearest future the market may continue moving downwards to reach the retracement of 78.6%.
As we can see at the H1 chart, the retracement of 78.6% is confirmed by local fibo-levels. Consequently, the future scenario directly depends on how the price will move in this area.
RoboForex Analytical Department