Fibonacci Retracements Analysis 31.08.2016 (EUR/USD, EUR/GBP)
31.08.2016
Analysis for August 31st, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the correctional retracement of 78.6% several times, the EUR/USD pair continues its fast decline. However, if the price rebounds from the group of fibo-levels at 1.1100, the market may start a new ascending correction.
At the H1 chart, the downside targets are confirmed by intraday 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 rebounded from the correctional retracement of 61.8% for the second time, which is a rather strong bullish signal. Consequently, the market may start a new ascending correction with the target at the retracement of 38.2%.
At the H1 chart, there are several intraday fibo-levels near the retracement of 38.2%, and they make this area even more important. If the price breaks it, the market may start a deeper ascending correction.
RoboForex Analytical Department
Attention!
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.