Analysis for July 6th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is moving close to its local low. In the future, the downtrend may resume. The closest target is still the group of fibo-levels at 1.0660. After reaching it, the market may start an ascending correction.
As we can see at the H1 chart, the price has rebounded from a local retracement 78.6%. The lower targets are confirmed by local retracements. I’m planning to move the stop loss on my current orders to the previous high as soon as the market breaks the minimum.
EUR GBP, “Euro vs Great Britain Pound”
After a significant gap down, Europound is still being corrected. The target for the next several days is the group of fibo-levels at 0.6870. After the local correction, I’m planning to open a sell order.
At the H1 chart, last week the price rebounded from retracement 78.6% during the correction. The lower targets are confirmed by local retracements. If later the price rebounds from this area, the market may start an ascending correction.
RoboForex Analytical Department