Analysis for August 10th, 2016
EUR USD, “Euro vs US Dollar”
Earlier, the pair rebounded from the correctional retracement of 61.8% and started falling. Consequently, if the price rebounds from the local retracement of 61.8% during the day, the pair will resume moving downwards.
As we can see at the H1 chart, the target at the retracement of 61.8% is confirmed by several intraday fibo-levels. It’s very important to wait until the price rebounds from this level. if it happens and the market stays below the retracement of 50%, I’m planning to open a sell order.
EUR GBP, “Euro vs Great Britain Pound”
Europound is still moving close to the correctional retracement of 78.6%. The market hasn’t been able to break it yet, but If later the price fixes below it, the pair will start a new descending movement.
As we can see at the H1 chart, the retracement of 78.6% is confirmed by several intraday fibo-levels. I’m staying out of the market right now because the price hasn’t rebounded from this target area yet. One should also note that if bulls break the retracement of 78.6% after all, the market may start a deeper ascending correction.
RoboForex Analytical Department