Fibonacci Retracements Analysis 20.08.2015 (EUR/USD, EUR/GBP)


Analysis for August 20th, 2015

EUR USD, “Euro vs US Dollar”

The pair has started a new local correction. Earlier, Eurodollar rebounded from the group of upper fibo-levels, which means that it may resume falling. Later the price may start moving towards the lower targets at 1.0670 – 1.0650.

As we can see at the H1 chart, the pair may rebound from the local correctional retracement of 61.8% during the current correction. If it happens, I’m planning to increase my short position. The closest target is the group of fibo-levels at 1.0960 – 1.0950.

EUR GBP, “Euro vs Great Britain Pound”

Last week, Europound successfully reached the group of upper fibo-levels. I opened a sell order during the current correction. Later the market may continue falling. The target is still the group of lower fibo-levels.

If the pair rebounds from the correctional retracement of 61.8% during the day, it may resume moving downwards. The closest target is the local area at 0.6980 - 0.6975, formed by several retracements.

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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.