Analysis for July 6th, 2016
EUR USD, “Euro vs US Dollar”
Yesterday, Eurodollar successfully rebounded from the retracement of 50%. Consequently, in the future the pair may continue moving downwards to reach the group of downside retracements at 1.0810.
![](https://www.roboforex.ru/files/forecasts/july2016/06/Image20160706154120001.png)
As we can see at the H1 chart, the target of the local correction is the correctional retracement of 38.2%. If the market rebounds from this level, it may continue falling and break the previous low. Moreover, the downside targets are conformed by local fibo-levels.
![](https://www.roboforex.ru/files/forecasts/july2016/06/Image20160706154120002.png)
EUR GBP, “Euro vs Great Britain Pound”
Europound has reached its predicted targets and the Take Profit closed my buy order opened earlier. During the correction, I opened anther order with the target at the next group of retracements at 0.8790. If the price rebounds from this area, the market may start a new descending correction.
![](https://www.roboforex.ru/files/forecasts/july2016/06/Image20160706154120003.png)
At the H1 chart, the price rebounded from the local retracement of 38.2% and I decided to open a new long position. It’s highly likely that on Wednesday the market may break the maximum and resume growing towards upside targets.
RoboForex Analytical Department