Analysis for September 1st, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the flat
continues. In the nearest future, the local correction may continue, but later the price is expected to resume falling towards the group of downside retracements at 1.1100.
It’s highly likely that at the H1 chart the pair may try to test the closest correctional retracement of 23.6%. If the price rebounds from this level to the downside, the market will resume falling and break the previous low.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair has finally broken the retracement of 61.8% and fixed below the retracement of 78.8%. It looks like in the nearest future the price may continue moving downwards. The closest target is the group of fibo-levels at 0.8340.
At the H1 chart, the downside targets are confirmed by intraday fibo-levels as well. However, if the price breaks the closest group of fibo-levels, the pair may continue falling much faster. So, we can expect a new ascending correction only after the market rebounds from the above-mentioned targets.
RoboForex Analytical Department