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Fibonacci Retracements Analysis 29.08.2016 (EUR/USD, EUR/GBP)

Analysis for August 29th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the correctional retracement of 78.6% for the second time, the EUR/USD pair resumed moving downwards. The closest target is the group of fibo-levels at 1.1100. If later the price rebounds from this area, the market may start a new local correction.

At the H1 chart, the downside targets are confirmed by intraday fibo-levels. It’s highly likely that during the day the pair may react 1.1100. We should also note that if the price breaks the above-mentioned levels, the market will continue falling much faster.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is still consolidating. If the price stays under the retracement of 50% in the nearest future, the market may resume falling towards the downside targets close to the retracement of 78.6%.

At the H1 chart, the pair rebounded from the correctional retracement of 38.2% twice. As a result, in the nearest future the market may resume moving downwards to reach the closest group of fibo-levels at 0.8430.

RoboForex Analytical Department

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