Analysis for July 28th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar started a fast correction, but then rebounded from the retracement of 78.6%. Consequently, in the nearest future the pair may resume its decline. The closest target is still the group of downside retracements at 1.0810.
![](https://www.roboforex.ru/files/forecasts/july2016/28/Image20160728141540001.png)
As we can see at the H1 chart, apart from rebounding from the retracement of 78.6%, the price faced the resistance from the retracement of 200%. It’s highly likely that during the day the pair may resume moving downwards.
![](https://www.roboforex.ru/files/forecasts/july2016/28/Image20160728141541001.png)
EUR GBP, “Euro vs Great Britain Pound”
The
flat continues. Europound is testing the correctional retracement of 50% again. If the price rebounds from this level soon, the market may start a new descending movement towards the target at 0.8090.
![](https://www.roboforex.ru/files/forecasts/july2016/28/Image20160728141541002.png)
At the H1 chart, the price has rebounded from the correctional retracement of 50%. As a result, on Thursday the pair may move downwards. To confirm a new descending movement, the market has to stay under the retracement of 38.2%.
RoboForex Analytical Department