Analysis for August 23rd, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is moving above the correctional retracement of 78.6% again, which means that the price may yet continue growing. The closest target for bulls is the group of upside retracements at 1.1420 – 1.1425.
As we can see at the H1 chart, yesterday the pair couldn’t stay below the local retracement of 38.2% and started moving upwards. As a result, on Tuesday the price may break the previous high.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is getting closer to the correctional retracement of 38.2%. If later the price rebounds from this level, it may resume growing. The closest target for bulls is still the group of retracements at 0.8860 – 0.8880.
At the H1 chart, the correctional retracements of 38.2% is confirmed by local fibo-levels. It’s highly likely that on Tuesday the pair may test this level. If the market rebounds from this retracement, the price will resume moving upwards.
RoboForex Analytical Department