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.
RoboForex Analytical Department