Fibonacci Retracements Analysis 29.08.2016 (EUR/USD, EUR/GBP)


Analysis for August 29th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the correctional retracement of 78.6% for the second time, the EUR/USD pair resumed moving downwards. The closest target is the group of fibo-levels at 1.1100. If later the price rebounds from this area, the market may start a new local correction.

At the H1 chart, the downside targets are confirmed by intraday fibo-levels. It’s highly likely that during the day the pair may react 1.1100. We should also note that if the price breaks the above-mentioned levels, the market will continue falling much faster.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still consolidating. If the price stays under the retracement of 50% in the nearest future, the market may resume falling towards the downside targets close to the retracement of 78.6%.

At the H1 chart, the pair rebounded from the correctional retracement of 38.2% twice. As a result, in the nearest future the market may resume moving downwards to reach the closest group of fibo-levels at 0.8430.

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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.