Fibonacci Retracements Analysis 05.07.2016 (EUR/USD, EUR/GBP)


Analysis for July 5th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has successfully rebounded from the retracement of 50% again; earlier this level already provided resistance for the current correction. Consequently, during the day the pair may start a new descending movement towards the group of downside retracements at 1.0810.

As we can see at the H1 chart, the correctional retracement of 50% is confirmed by local fibo-levels. If in the nearest future the market is able to stay under the retracement of 38.2% (1.1107), it may start a new descending movement.

EUR GBP, “Euro vs Great Britain Pound”

Europound is reaching new highs, one after another. The closest target is the area at 0.8540 – 0.8560. If the price rebounds from this group of retracements, the market may start a new descending correction.

At the H1 chart, yesterday the price rebounded from the correctional retracement of 61.8% and then broke the local low. The upside targets are confirmed by intraday fibo-levels. It’s highly likely that the market may test this target area during the day.

RoboForex Analytical Department


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.