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Fibonacci Retracements Analysis 07.08.2015 (EUR/USD, EUR/GBP)

Analysis for August 7th, 2015

EUR USD, “Euro vs US Dollar”

After resuming falling last week, the air is still forming the local correction. It’s highly likely that during the Friday Eurodollar may break yesterday’s low. The target is still the group of lower fibo-levels.

As we can see at the H1 chart, the price is attempting to rebound from the retracement of 38.2%. During the day, the market may reach a new low. Earlier, I opened another sell order when the pair completed the short-term correction.

EUR GBP, “Euro vs Great Britain Pound”

After making a fast ascending movement yesterday, Europound may start a deeper ascending correction. Possibly, next week the market may test the group of upper fibo-levels. If the price rebounds from this area, it may resume falling.

As we can see at the H1 chart, the price may form a short-term descending correction towards the retracement of 38.2%. If the pair rebounds from it, the market is expected to start a new growth towards the upper target area.

RoboForex Analytical Department

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