Analysis for July 26th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is attempting to resume its decline. Earlier, the pair rebounded from the correctional retracement of 50%. Consequently, in the nearest future the market may continue falling towards the group of downside retracements at 1.0810.
As we can see at the H1 chart, the price has rebounded from the local correctional retracement of 61.8%. As a result, the pair may continue moving downwards. The downside targets are confirmed by local fibo-levels.
EUR GBP, “Euro vs Great Britain Pound”
Europound hasn’t been able to fix above the correctional retracement of 38.2%. Consequently, in the nearest future the market may start a new descending movement towards the retracement of 50%. After the pair breaks the retracement of 23.6%, bears will return to the market.
As we can see at the H1 chart, the price has rebounded both from the retracement of 50% and local fibo-levels. Consequently, in the future the market may fall and reach several new lows.
RoboForex Analytical Department