Fibonacci Retracements Analysis 23.08.2016 (EUR/USD, EUR/GBP)


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.

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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.