Analysis for August 31st, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the correctional retracement of 78.6% several times, the EUR/USD pair continues its fast decline. However, if the price rebounds from the group of fibo-levels at 1.1100, the market may start a new ascending correction.
At the H1 chart, the downside targets are confirmed by intraday fibo-levels as well. However, if the price breaks this area easily, the market will continue falling much faster.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair has rebounded from the correctional retracement of 61.8% for the second time, which is a rather strong bullish signal. Consequently, the market may start a new ascending correction with the target at the retracement of 38.2%.
At the H1 chart, there are several intraday fibo-levels near the retracement of 38.2%, and they make this area even more important. If the price breaks it, the market may start a deeper ascending correction.
RoboForex Analytical Department