Analysis for August 5th, 2015
EUR USD, “Euro vs US Dollar”
It looks like at the end of the last week, after rebounding from the retracement of 61.8% several times, Eurodollar completed the correction. Yesterday, the price broke the local low. The target is still the group of lower fibo-levels. In the nearest future, the market is expected to continue falling.
As we can see at the H1 chart, the predicted target of the current ascending correction is confirmed by local retracements. During the day, the market may reach a new low. I opened another sell order when the pair completed the short-term correction.
EUR GBP, “Euro vs Great Britain Pound”
After rebounding from the retracement of 50%, Europound has started a new decline. The target for the nearest future is still the group of fibo-levels at 0.6870. Earlier, I opened a sell order when the price completed the local correction; the stop loss is already in breakeven. Later, I’m planning to increase my short position.
As we can see at the H1 chart, after rebounding from the group of upper fibo-levels, the price has started falling. Yesterday, the pair rebounded from the retracement of 38.2%. The target is still the lower area, which is confirmed by several local retracements. In the nearest future, the market is expected to reach new lows.
RoboForex Analytical Department