Analysis for July 5th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has successfully rebounded from the retracement of 50% again; earlier this level already provided resistance for the current correction. Consequently, during the day the pair may start a new descending movement towards the group of downside retracements at 1.0810.
As we can see at the H1 chart, the correctional retracement of 50% is confirmed by local fibo-levels. If in the nearest future the market is able to stay under the retracement of 38.2% (1.1107), it may start a new descending movement.
EUR GBP, “Euro vs Great Britain Pound”
Europound is reaching new highs, one after another. The closest target is the area at 0.8540 – 0.8560. If the price rebounds from this group of retracements, the market may start a new descending correction.
At the H1 chart, yesterday the price rebounded from the correctional retracement of 61.8% and then broke the local low. The upside targets are confirmed by intraday fibo-levels. It’s highly likely that the market may test this target area during the day.
RoboForex Analytical Department
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