Fibonacci Retracements Analysis 27.07.2016 (EUR/USD, EUR/GBP)


Analysis for July 27th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the correctional retracement of 50%, Eurodollar has resumed its decline. The closest target for bears is the group of downside retracements at 1.0810. If the price rebounds from this area, the market will start a new ascending correction.

As we can see at the H1 chart, yesterday the price rebounded from the correctional retracement of 61.8% and right now is trying to rebound from the local retracement of 50%. As a result, during the day the pair may resume moving downwards to reach the local target at 1.0890 – 1.0900.

EUR GBP, “Euro vs Great Britain Pound”

Europound is moving close to the correctional retracement of 38.2% again. If the price rebounds from this level once again, the market may start a new descending movement towards the retracement of 50%.

As we can see at the H1 chart, the price may test the local correctional retracement of 78.6% very soon. If the pair rebounds from it, the market will resume its decline towards the local target at 0.8250.

RoboForex Analytical Department


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.