Fibonacci Retracements Analysis 12.08.2016 (EUR/USD, EUR/GBP)
12.08.2016
Analysis for August 12th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the correctional retracement of 78.6%, the EUR/USD pair is trying to resume falling. Consequently, on Friday the market may continue moving downwards. However, if the price breaks the above-mentioned retracement and stays above it, the instrument may break this month’s high.
As we can see at the H1 chart, the pair is testing the local correctional retracement of 50%. If the price rebounds from this level, it may break the low during the day. The closest target is the group of intraday fibo-levels at 1.1070.
EUR GBP, “Euro vs Great Britain Pound”
After rebounding from the correctional retracement of 61.8%, Europound continues trading near its highs. It looks like in the nearest future the market may continue growing towards the group of retracements at 0.8860 – 0.8880.
As we can see at the H1 chart, the local correction, during which I opened a buy order with the tight Stop Loss, is about to complete. It’s highly likely that on Friday bulls may try to test the group of upside retracements at 0.8725.
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.