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Fibonacci Retracements Analysis 08.08.2016 (EUR/USD, EUR/GBP)

Analysis for August 8th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the retracement of 61.8% earlier, Eurodollar has started falling. During the local correction, I opened another sell order. It’s highly likely that during this week the price will continue moving towards the group of downside retracements at 1.0810.

At the H1 chart, last Friday the pair rebounded from the correctional retracement of 38.2% and broke the local low. Apparently, quite soon the market may resume moving downwards. The closest target is the group of local fibo-levels at 1.0890.

EUR GBP, “Euro vs Great Britain Pound”

Europound has finally broken the correctional retracement of 61.8% and may continue growing. If later bulls face resistance from the retracement of 78.6%, the market may start a new correction. Otherwise, if the pair breaks this level, the market will continue moving upwards.

As we can see at the H1 chart, the upside targets at 0.8545 are confirmed by local retracements. It’s highly likely that quite soon the price may test this area. The future scenario depends on how the pair will move at this level.

RoboForex Analytical Department

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