Fibonacci Retracements Analysis 23.07.2015 (EUR/USD, EUR/GBP)


Analysis for July 23rd, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar is being corrected. If in the nearest future the price rebounds from retracement 50%, the downtrend may resume. I’m planning to open another sell order with the target at the group of lower fibo-levels after the pair stays below retracement 38.2%.

As we can see at the H1 chart, the target area of the current correction is confirmed by local retracements. If the pair rebounds from this area, the market may start a new descending movement.

EUR GBP, “Euro vs Great Britain Pound”

Europound is still being corrected. Earlier, the pair rebounded from a correctional retracement 50%. The target for the nearest future is the group of fibo-levels at 0.6870. Yesterday I opened a sell order when the pair completed the local correction.

At the H1 chart, the price is also being corrected. If the pair rebounds from a local retracement 78.6%, the downtrend may resume. The target is still the group of lower 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.