Analysis for August 1st, 2016
The ascending correction continues. It’s highly likely that in the nearest future Eurodollar may test the correctional retracement of 61.8%. If the price rebounds from this level, the market may resume falling.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the price is trying to rebound from the retracement of 23.6%. If the pair stays above this level, it may break the local high. The upside targets of the correction are confirmed by intraday fibo-levels.
EUR GBP, “Euro vs Great Britain Pound”Possibly, Europound may test the correctional retracement of 61.8% again. If the price rebounds from this level, the market may start a new descending movement. However, if this the pair breaks this level and stays above it, the market may continue growing.
As we can see at the H1 chart, the predicted target of the correction is confirmed by local fibo-levels. Earlier, the price rebounded from the correctional retracement of 61.8%. It’s highly likely that in the nearest future Europound may reach a new high.
RoboForex Analytical Department
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