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Fibonacci Retracements Analysis 16.08.2016 (EUR/USD, EUR/GBP)

Analysis for August 16th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair continues growing. It looks like, after completing the local correction, bulls may try to test the correctional retracement of 78.6%, which is confirmed by several intraday fibo-levels.

At the H1 chart, the pair is moving near its local highs. Possibly, the correction may take place during the day, but later the price is expected to resume growing towards the group of upside fibo-levels.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still moving upwards. The closest target is the group of retracements at 0.8860 – 0.8880. After completing the short-term correction, the market is expected to continue growing.

At the H1 chart, the target of the current correction is the retracements of 38.2%. Earlier, the price successfully reached its local target. If later the pair rebounds from this level upwards, the market may start a new ascending movement.

RoboForex Analytical Department

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