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.
![](https://www.roboforex.ru/files/forecasts/august2016/22/Image20160822125821001.png)
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.
![](https://www.roboforex.ru/files/forecasts/august2016/22/Image20160822125821002.png)
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.
![](https://www.roboforex.ru/files/forecasts/august2016/22/Image20160822125821003.png)
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