Fibonacci Retracements Analysis 08.07.2016 (EUR/USD, EUR/GBP)


Analysis for July 8th, 2016

EUR USD, “Euro vs US Dollar”

Over the last 24 hours, Eurodollar hasn’t gone anywhere. Earlier, the price rebounded from the correctional retracement of 50%, which means that it may resume moving downwards. The closest target is the group of downside retracements at 1.0810.

As we can see at the H1 chart, the price is trying to rebound from the local correctional retracement of 61.8%. As a result, during the day the pair may break yesterday’s low. In addition to that, the downside targets are conformed by intraday fibo-levels.

EUR GBP, “Euro vs Great Britain Pound”

Europound is still consolidating as well. Earlier, the pair successfully reached the group of retracements and right now is being corrected close to them. In the nearest future, the price may continue growing towards the next target at 0.8790.

At the H1 chart, the price has rebounded from the correctional retracement of 50% and resumed growing. It’s highly likely that on Friday the market may break the local low and then start growing to reach the upside targets, which are confirmed by intraday fibo-levels.

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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.