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Fibonacci Retracements Analysis 31.08.2016 (EUR/USD, EUR/GBP)

Analysis for August 31st, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the correctional retracement of 78.6% several times, the EUR/USD pair continues its fast decline. However, if the price rebounds from the group of fibo-levels at 1.1100, the market may start a new ascending correction.

At the H1 chart, the downside targets are confirmed by intraday fibo-levels as well. However, if the price breaks this area easily, the market will continue falling much faster.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair has rebounded from the correctional retracement of 61.8% for the second time, which is a rather strong bullish signal. Consequently, the market may start a new ascending correction with the target at the retracement of 38.2%.

At the H1 chart, there are several intraday fibo-levels near the retracement of 38.2%, and they make this area even more important. If the price breaks it, the market may start a deeper ascending correction.

RoboForex Analytical Department

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