Analysis for July 24th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from retracement of 50%. Probably, bears are returning to the market and the pair may try to test the lower target area during the next several days. I opened another sell order after the pair was able to stay below retracement of 38.2%.
As we can see at the H1 chart, the target area of the current correction, from which the pair rebounded yesterday, is confirmed by local retracements. The market may continue falling during Friday.
EUR GBP, “Euro vs Great Britain Pound”
Europound is still being corrected and trying to rebound from retracement of 50%. The target for the nearest future is the group of fibo-levels at 0.6870. Later, when the pair completes the local correction, I’m planning to open a sell order.
At the H1 chart, the price is also being corrected. If the pair rebounds from the group of local retracements, the downtrend may resume. The target is still the lower area.
RoboForex Analytical Department