Analysis for August 10th, 2016
The current ascending correction is becoming deeper. However, taking into account the fact that earlier the price rebounded from the 4/8 level, in the future it is expected to resume falling. To confirm this scenario, the market has to fix below the 6/8 level.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, Super Trends have formed “bullish cross”. Taking into account the fact that earlier the price rebounded from the 2/8 level, the current ascending movement may stop at the 6/8 one. After that, the market may resume falling.
GBP USD, “Great Britain Pound vs US Dollar”At the H4 chat, Super Trends are still influenced by “bearish cross”. If the price is able to stay under the H4 Super Trend again, the market will continue falling towards the 0/8 level.
I opened a sell order when the price was trying to stay below Super Trends. Consequently, if the pair stays below the 2/8 level, the next target will be at the -2/8 one. After this level is broken, the lines at the chart will be redrawn.
RoboForex Analytical Department
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