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Home / Analytics / Forex analysis & forecasts / Forex Technical analysis and forecasts / Fibonacci Retracements Analysis 29.06.2016 (EUR/USD, EUR/GBP)
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Fibonacci Retracements Analysis 29.06.2016 (EUR/USD, EUR/GBP)


Analysis for June 29th, 2016

EUR USD, “Euro vs US Dollar”

The current ascending correction faced the resistance from the retracement of 38.2% as the price rebounded from several times. Consequently, in the nearest future the market may resume falling. the closest target is still the group of downside fibo-levels at 1.0810.

As we can see at the H1 chart, the retracement of 38.2% is confirmed by intraday fibo-levels. Today, the pair may resume moving downwards to break previous lows. If the market rebounds from the group of downside fibo-levels, it may start a new ascending correction.

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 closest target is the correctional retracement of 38.2%. If the price rebounds from this level during the day, it may resume growing towards the upside targets.

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