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