Analysis for July 28th, 2015
EUR USD, “Euro vs US Dollar”
It looks like Eurodollar has rebounded from the retracement of 61.8% and, thus, completed the correction. The target is still the group of lower fibo-levels. In the nearest future, the market is expected to continue falling.
As we can see at the H1 chart, the predicted target of the current correction is confirmed by local retracements. I opened a sell order with the stop loss near the highs when the price broke the retracement of 50%. During the day, the market may reach several new lows.
EUR GBP, “Euro vs Great Britain Pound”
Europound has rebounded from the retracement of 50%. The target for the nearest future is the group of fibo-levels at 0.6870. Later, during the local correction, I’m planning to open a sell order.
As we can see at the H1 chart, after rebounding from the group of upper fibo-levels, the price has started falling actively. The target is still the lower area, which is confirmed by several local retracements.
RoboForex Analytical Department