Analysis for August 5th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the correctional retracement of 61.8% and started falling. After completing the local correction, the price my resume moving downwards. The closest target for bears is still the group of downside retracements at 1.0810.
At the H1 chart, the pair is being corrected. If later the price rebounds from the retracement of 38.2%, the pair may resume moving downwards to reach the group of local fibo-levels at 1.1100.
EUR GBP, “Euro vs Great Britain Pound”
Europound has resumed its growth and right now is again moving near the correctional retracement of 61.8%. Apparently, this level may be broken during the day. Consequently, in the nearest future the market may continue moving upwards to reach the closest target near the retracement of 78.6% at 0.8545.
As we can see at the H1 chart, the pair hasn’t been able to break the group of fibo-levels on the first try, that’s why the local correction may take place during the day. However, considering yesterday’s bullish rally, the market may reach several new highs during the next week.
RoboForex Analytical Department