Analysis for July 7th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the correctional retracement of 50%, Eurodollar resumed moving downwards. The closest target is the group of downside retracements at 1.0810. If the price rebounds from this area, the market may start an ascending correction.
As we can see at the H1 chart, the price has rebounded from the local correctional retracement of 50%. It’s highly likely that in the nearest future the market may break the minimum and move towards the downside targets, which are conformed by local fibo-levels.
EUR GBP, “Euro vs Great Britain Pound”
Europound is still consolidating near the group of retracements reached earlier. The pair hasn’t rebounded downwards sharply, so the price may resume growing towards the next target at 0.8790. As a result, in the nearest future the market may break the previous high.
At the H1 chart, the price was supported by the correctional retracement of 50%. Consequently, in the nearest future the market may resume growing and reach the upside targets. If later the pair rebounds from them, it may start a descending correction.
RoboForex Analytical Department