Analysis for August 2nd, 2016
EUR USD, “Euro vs US Dollar”
The local correction continues. The closest target of the current ascending correction is the retracement of 61.8%. If later the price rebounds from this level, the market may resume falling towards the group of downside retracements at 1.0810.
![](https://www.roboforex.ru/files/forecasts/august2016/02/Image20160802080947001.png)
As we can see at the H1 chart, the price is moving above the local retracement of 23.6%. Consequently, on Tuesday the pair break its previous high. We should note that if the market breaks the retracement of 61.8%, the current ascending correction will continue.
![](https://www.roboforex.ru/files/forecasts/august2016/02/Image20160802080947002.png)
EUR GBP, “Euro vs Great Britain Pound”
Europound has already rebounded from the correctional retracement of 61.8%, but may test it in the future once again. However, if the price rebounds from this level one more time, it will be a very strong signal for the market to resume moving downwards.
![](https://www.roboforex.ru/files/forecasts/august2016/02/Image20160802080947003.png)
As we can see at the H1 chart, the pair is consolidating below the retracement of 61.8%. If the price fails to break this level and stays below it, the market will resume falling. To confirm this scenario, the price has to fix under the retracement of 50% (0.8435).
RoboForex Analytical Department