Analysis for August 15th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair hasn’t been able to stay above the correctional retracement of 78.6% and rebounded from it. Possibly, in the nearest future the market may resume falling. The main target for bears is still the group of downside retracements at 1.0810.
As we can see at the H1 chart, the local correction is taking place with the target at the retracement of 50%. If the price rebounds from this level, it may break the previous low. The intraday target is the group of fibo-levels at 1.1070.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is still moving upwards after updating the month’s high at the end of the last week. It looks like in the nearest future the market may continue growing. The closest target is the group of retracements at 0.8860 – 0.8880.
As we can see at the H1 chart, the target is the group of local retracements at 0.8725. If later the price rebounds from this area, the market may start a short-term descending correction.
RoboForex Analytical Department