Analysis for August 30th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the correctional retracement of 78.6% several times, the EUR/USD pair continues 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 an ascending correction.
At the H1 chart, the closest targets are confirmed by local fibo-levels as well. However, if the price breaks this area easily, the market will continue falling much faster.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair has also resumed falling. It looks like the price is moving to test the correctional retracement of 78.6%. The market will successfully reach this level, if it is able to stay below the retracement of 50%.
At the H1 chart, earlier the pair rebounded from the retracement of 38.2% and started moving downwards. As a result, in the nearest future the market may break the local low and reach the group of downside fibo-levels.
RoboForex Analytical Department