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.
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.
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.
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