Analysis for August 22nd, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair hasn’t been able to stay above the correctional retracement of 78.6%, which means that the descending correction may yet continue. The closest target for bears is the retracement of 61.8%. The future scenario depends on how the price will move at this level.
At the H1 chart, the closest bearish target is the group of retracements at 1.1230. If the price breaks this area, the market will continue moving downwards.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is still being corrected as well. Possibly, during the day the price may test the retracement of 38.2%. If it rebounds upwards from this level, the market may start another growth to reach its upside targets.
As we can see at the H1 chart, the correctional retracements of 38.2% is confirmed by several intraday fibo-levels. We should note that if the market breaks this retracement, the descending correction may yet continue up to the retracement of 50%.
RoboForex Analytical Department