Analysis for July 29th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the correctional retracement of 78.6%, which means that it may resume falling. The closest target is still the group of downside retracements at 1.0810. Possibly, on Friday bears may try to break yesterday’s low.
![](https://www.roboforex.ru/files/forecasts/july2016/29/Image20160729121248001.png)
As we can see at the H1 chart, yesterday the price rebounded from the retracement of 78.6% and right now is consolidating. The short-term target is the correctional retracement of 38.2%. If the price breaks this level and stays below it, the pair will continue moving downwards.
![](https://www.roboforex.ru/files/forecasts/july2016/29/Image20160729121248002.png)
EUR GBP, “Euro vs Great Britain Pound”
Europound is still moving under the correctional retracement of 50% again. If the price stays under this level soon, the market may start a new descending movement. The closest target is the group of retracements at 0.8090.
![](https://www.roboforex.ru/files/forecasts/july2016/29/Image20160729121248003.png)
As we can see at the H1 chart, the price is testing the retracement of 50% again. If the pair rebounds from this level one more time, the market will fall towards the retracement of 38.2%. After breaking it, Europound will continue falling much deeper.
RoboForex Analytical Department