Fibonacci Retracements Analysis 06.08.2015 (EUR/USD, EUR/GBP)


Analysis for August 6th, 2015

EUR USD, “Euro vs US Dollar”

Last week, the pair resumed falling, but right now, the local correction is taking place. It’s highly likely that during the day Eurodollar may break yesterday’s low. The target is still the group of lower fibo-levels.

As we can see at the H1 chart, the price was just several pips shy to reach the retracement of 38.2%. During the day, the market may reach a new low. Earlier, I opened another sell order when the pair completed the short-term correction.

EUR GBP, “Euro vs Great Britain Pound”

Europound has started a fast correction. 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. Later, I’m planning to increase my short position.

As we can see at the H1 chart, the price may rebound from the correctional retracement of 61.8%. 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.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.