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Fibonacci Retracements Analysis 19.08.2016 (EUR/USD, EUR/GBP)

Analysis for August 19th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is testing the group of retracements it broke yesterday, which now may provide support. If the price rebounds from this area, the market may resume growing.

At the H1 chart, the pair rebounded from the correctional retracement of 50%, which means that the correction may finish soon. Consequently, in the nearest future the market may break the local high and reach its upside targets at 1.1425.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still moving upwards. Possibly, during the day the price may test the correctional retracement of 38.2%. If it rebounds from this level, the market may start another growth.

As we can see at the H1 chart, the correctional retracements of 38.2% is confirmed by several intraday fibo-levels. On Friday, the market may break the local low, but if the price rebounds from test this area, it may try to resume growing.

RoboForex Analytical Department

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