Analysis for July 29th, 2015
EUR USD, “Euro vs US Dollar”
Probably, 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 and break yesterday’s low.
As we can see at the H1 chart, the predicted target of the current ascending 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. I opened a sell order when the price completed the local correction.
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