Analysis for June 29th, 2016
EUR USD, “Euro vs US Dollar”
The current ascending correction faced the resistance from the retracement of 38.2% as the price rebounded from several times. Consequently, in the nearest future the market may resume falling. the closest target is still the group of downside fibo-levels at 1.0810.
As we can see at the H1 chart, the retracement of 38.2% is confirmed by intraday fibo-levels. Today, the pair may resume moving downwards to break previous lows. If the market rebounds from the group of downside fibo-levels, it may start a new ascending correction.
EUR GBP, “Euro vs Great Britain Pound”
After rebounding from the correctional retracement of 78.6%, Europound started growing fast. The previous local correction reached the retracement of 38.2% and then the price broke the maximum. The closest target for bulls is the area at 0.8480.
At the H1 chart, the closest target is the correctional retracement of 38.2%. If the price rebounds from this level during the day, it may resume growing towards the upside targets.
RoboForex Analytical Department