Analysis for August 26th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still trading under the correctional retracement of 78.6%. As a result, in the nearest future the market may fall towards the retracement of 61.8%. If later the price breaks this level, the market may continue falling much deeper.
At the H1 chart, yesterday the pair rebounded from the correctional retracement of 50%, which means that it may move downwards for a little while. The closest target is the group of fibo-levels at 1.1230.
EUR GBP, “Euro vs Great Britain Pound”
After rebounding from the retracement of 61.8%, the EUR/GBP pair is consolidating. Consequently, in the nearest future the market may fall and reach the retracement of 78.6%. If the price rebounds from this level, it may start a new ascending correction.
At the H1 chart, on Friday the pair may grow a little towards the correctional retracement of 50%. If later the price rebounds from this level, the market will start a new descending movement towards its downside targets.
RoboForex Analytical Department