Analysis for August 25th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still consolidating below the correctional retracement of 78.6%, which means that it may resume moving downwards. The closest bearish target is the retracement of 61.8%. If later the price breaks this level, the market may continue falling much deeper.
At the H1 chart, the target of the current local correction is retracement of 50%. If the pair rebounds from this level, the price may resume moving towards the group of fibo-levels at 1.1230 – 1.1235.
EUR GBP, “Euro vs Great Britain Pound”
Yesterday, the EUR/GBP pair rebounded from the correctional retracement of 61.8% twice. However, if the price breaks the retracement of 50%, the market may resume moving downwards to reach the retracement of 78.6%.
At the H1 chart, the target of the current local correction is the retracement of 38.2%. If later the price rebounds from this level, the market will start a new descending movement.
RoboForex Analytical Department