Analysis for September 7th, 2015
EUR USD, “Euro vs US Dollar”
The Eurodollar, after a release from the upper targets attempts to resume the decline. The benchmark for the coming weeks is in favour of the lower accumulation of Fibo levels (1.0000 - 0.9970). Two deals to sell are in the works, and then I plan to increase the volume of the Short.
On the hourly chart the price has formed a retreat from the local level of 38.2%. The closest accumulation of Fibo levels around 1.1055 is still relevant. Later on in this price region a correction may start.
EUR GBP, “Euro vs Great Britain Pound”
The Europound is again testing the strength of the upper cluster of Fibo levels. Accordingly, if later we will again see a retreat from this price area, then a downward movement to the nearest target, located in the area of 0.7220 will be possible.
On the hourly chart the price has formed a retreat from the correctional level of 61.8%. The next bottom target is confirmed by local Fibo levels. In the short term the decline of the currency pair may resume.
RoboForex Analytical Department