Analysis for August 18th, 2016
EUR USD, “Euro vs US Dollar”
Yesterday, the EUR/USD pair reached a new high. Consequently, in the nearest future the market may resume growing. The next target for bulls is the group of upside fibo-levels at 1.1425.
At the H1 chart, the retracement of 38.2% has provided support as the price has rebounded from it and started the current ascending movement. After finishing the local correction, the market may resume moving upwards and reach several new highs.
EUR GBP, “Euro vs Great Britain Pound”
In case of the EUR/GBP pair, the descending correction continues. If the price rebounds from the retracement of 38.2% and the downside border of the ascending channel in the nearest future, later it may resume moving upwards to reach its upside targets at 0.8860 – 0.8880.
As we can see at the H1 chart, the correctional retracements of 38.2% is confirmed by several intraday fibo-levels. It’s highly likely that on Thursday the market may test this area. If the price rebounds from it, the pair may try to resume growing.
RoboForex Analytical Department