Fibonacci Retracements Analysis 12.08.2015 (EUR/USD, EUR/GBP)
12.08.2015
Analysis for August 12th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar continues its ascending correction, but later may yet resume moving downwards. It’s highly likely that in the nearest future the local growth towards the correctional retracement of 61.8% may continue. If the pair rebounds from it, the market may start a new decline.
As we can see at the H1 chart, the local growth continues. Probably, during the day, the pair may reach a new high and continue growing towards the group of upper fibo-level. If later the price rebounds from this area, I’m planning to start selling.
EUR GBP, “Euro vs Great Britain Pound”
Europound has successfully reached the group of upper fibo-levels. If the price rebounds from this area, the market may resume falling.
As we can see at the H1 chart, the group of upper fibo-levels, which may be the target of the current ascending correction, is confirmed by local retracements. Considering that the correction may yet continue, I’m planning to start selling only after the pair rebounds downwards.
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