Analysis for September 2nd, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair has rebounded from the local correctional retracement of 38.2%, which means that it may resume falling. The closest bearish target is the group of retracements at 1.1100.
As we can see at the H1 chart, the downside targets are confirmed by intraday fibo-levels as well. Consequently, if the price rebounds from this area, the market will start a new ascending correction.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is consolidating again. However, if the price is able to stay below the retracement of 78.6%, it may continue moving downwards. The closest target is the group of fibo-levels at 0.8350.
At the H1 chart, the target of the current correction is the retracement of 38.2%. If the price rebounds from this level, the market may resume its decline and break the local low.
RoboForex Analytical Department