Analysis for June 30th, 2016
EUR USD, “Euro vs US Dollar”
The ascending correction continues. It’s highly likely that in the nearest future the price may test the retracement of 50% once more, from which it rebounded earlier. If this level provides resistance again, the market may resume falling to reach the downside targets.
As we can see at the H1 chart, the target area near the retracement of 50% is confirmed by intraday fibo-levels. If later the price rebounds from this area, it may start a new descending movement.
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 price rebounded from the correctional retracement of 38.2% yesterday and resumed moving upwards. Possibly, the price may reach a new local high during the day. The upside targets are confirmed by intraday fibo-levels.
RoboForex Analytical Department