Fibonacci Retracements Analysis 24.08.2016 (EUR/USD, EUR/GBP)


Analysis for August 24th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is moving below the correctional retracement of 78.6% again and may soon reach the retracement of 61.8%. If later the price breaks this level, the market may continue falling much deeper.

As we can see at the H1 chart, the retracement of 61.8% is confirmed by several intraday fibo-levels. As a result, the price may start a new local ascending correction from this retracement.

EUR GBP, “Euro vs Great Britain Pound”

Yesterday, the EUR/GBP pair broke the correctional retracement of 38.2% and started falling fast. It’s highly likely that in the nearest future the market may continue moving downwards to reach the retracement of 78.6%.

As we can see at the H1 chart, the retracement of 78.6% is confirmed by local fibo-levels. Consequently, the future scenario directly depends on how the price will move in this area.

RoboForex Analytical Department


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.