Analysis for August 3rd, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the correctional retracement of 61.8%, which means that it may resume falling. The main target for bears for the next several weeks is still the group of downside retracements at 1.0810.
![](https://www.roboforex.ru/files/forecasts/august2016/03/Image20160803121529001.png)
As we can see at the H1 chart, the price has rebounded not only from the correctional retracement of 61.8%, but from several intraday fibo-levels as well. Consequently, in the future the pair may break the retracement of 50% at 1.1170. If it happens, bears will return to the market.
![](https://www.roboforex.ru/files/forecasts/august2016/03/Image20160803121529002.png)
EUR GBP, “Euro vs Great Britain Pound”
Europound has rebounded from the correctional retracement of 61.8% twice, which means that the ascending correction has completed. If the price is able to stay below the retracement of 38.2% during the day, the market may continue moving downwards.
![](https://www.roboforex.ru/files/forecasts/august2016/03/Image20160803121529003.png)
As we can see at the H1 chart, the pair has rebounded from several local fibo-levels as well. Consequently, in the nearest future the price may fall towards the closest group of retracements at 0.8440.
RoboForex Analytical Department