Fibonacci Retracements Analysis 08.07.2015 (EUR/USD, EUR/GBP)


Analysis for July 8th, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar has started a correction. Probably, this in not for long and the market may resume falling quite soon. 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, yesterday the price 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”

Europound is still being corrected, but this correction may finish during the day. The target for the next several days is the group of fibo-levels at 0.6870. Earlier, I opened a sell order when the pair completed the local correction.

As we can see at the H1 chart, the price may rebound from the group of upper fibo-levels during the day. In this case, the market will start a new descending movement towards its lower targets.

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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.