Analysis for July 28th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar started a fast correction, but then rebounded from the retracement of 78.6%. Consequently, in the nearest future the pair may resume its decline. The closest target is still the group of downside retracements at 1.0810.
As we can see at the H1 chart, apart from rebounding from the retracement of 78.6%, the price faced the resistance from the retracement of 200%. It’s highly likely that during the day the pair may resume moving downwards.
EUR GBP, “Euro vs Great Britain Pound”
continues. Europound is testing the correctional retracement of 50% again. If the price rebounds from this level soon, the market may start a new descending movement towards the target at 0.8090.
At the H1 chart, the price has rebounded from the correctional retracement of 50%. As a result, on Thursday the pair may move downwards. To confirm a new descending movement, the market has to stay under the retracement of 38.2%.
RoboForex Analytical Department
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