Analysis for July 25th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the correctional retracement of 50%, Eurodollar has started falling. The closest target is the group of downside retracements at 1.0810. If the price rebounds from this level upwards, the market will start a new ascending correction.
As we can see at the H1 chart, the price has rebounded from the local correctional retracement of 50%. As a result, the pair may start a new decline towards the downside targets. Consequently, on Monday, the market may break its previous low.
EUR GBP, “Euro vs Great Britain Pound”
Europound has already rebounded from the correctional retracement of 38.2% several times, which means that it may resume its descending correction. The closest target is the retracement of 50%. If the pair rebounds from this level, it may resume growing.
At the H1 chart, the price hasn’t been able to stay above the retracement of 38.2% after all. Consequently, during the day the market may fall towards the closest bearish targets at 0.8110.
RoboForex Analytical Department
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