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Fibonacci Retracements Analysis 04.08.2016 (EUR/USD, EUR/GBP)

Analysis for August 4th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has rebounded from the correctional retracement of 61.8% and started falling. It looks like right now the price is starting a new decline towards the group of downside retracements at 1.0810. So far, I’m holding one sell order, but in the future planning to increase my position.

At the H1 chart, the local correction may take place. If later the price rebounds from the correctional retracement of 38.2%, the pair may resume moving downwards. The closest target for bears is the group of local fibo-levels at 1.1100.

EUR GBP, “Euro vs Great Britain Pound”

Europound rebounded from the correctional retracement of 61.8% twice, and after that, bulls were exhausted. It’s highly likely that in the nearest future the market may fall towards the previous low and the retracement of 38.2%.

At the H1 chart, the pair may rebound from the closest support level near the group of local retracements at 0.8340. If it happens, the price may start a local ascending correction. However, if this area is broken, the market may continue falling faster.

RoboForex Analytical Department

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