Analysis on Fibonacci for EUR/USD and EUR/GBP on 20.07.2016
20.07.2016
Analysis on Fibonacci on July 20, 2016
EUR USD "Euro to US Dollar"
Pullback from correction mark 50% resulted in new coil of Euro-US Dollar descending. Apparently, after completion of local correction, market may continue to descend towards the nearest crowd of fibo-level (1.0810).
Recently, pullback from correction mark 38.2% was on 1 hour chart. Currently market is corrected, but soon resuming of descending towards lower targets, that are confirmed by local fibo-levels, is possible.
EUR GBP "Euro to British Pound"
Cross pair, apparently, soon will continue descending correction because price could not fix above mark 23.6%. Possible bearish target is fibo-level 50% (0.8110).
Double pullback from local correction mark 78.6% was on 1 hour chart that pointed on possibillity of resuming of quotation descending. So, soon breakage of last week low is possible.
EUR USD "Euro to US Dollar"
Pullback from correction mark 50% resulted in new coil of Euro-US Dollar descending. Apparently, after completion of local correction, market may continue to descend towards the nearest crowd of fibo-level (1.0810).
Recently, pullback from correction mark 38.2% was on 1 hour chart. Currently market is corrected, but soon resuming of descending towards lower targets, that are confirmed by local fibo-levels, is possible.
EUR GBP "Euro to British Pound"
Cross pair, apparently, soon will continue descending correction because price could not fix above mark 23.6%. Possible bearish target is fibo-level 50% (0.8110).
Double pullback from local correction mark 78.6% was on 1 hour chart that pointed on possibillity of resuming of quotation descending. So, soon breakage of last week low is possible.
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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.