Fibonacci Retracements Analysis 01.07.2016 (EUR/USD, EUR/GBP)

01.07.2016

Analysis for July 1st, 2016

EUR USD, “Euro vs US Dollar”

The correction continues. It’s highly likely that in the nearest future the price may continue growing towards the retracement of 50%. If the pair rebounds from this level, the market may start a new descending movement.



As we can see at the H1 chart, yesterday the price rebounded from the correctional retracement of 61.8% and started a new local growth. It’s highly likely that on Friday the pair may break yesterday’s high and test the group of upside fibo-levels.




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 retracement of 38.2% and resumed moving upwards. The upside targets are confirmed by intraday fibo-levels. Consequently, during the day the market may continue growing.



 
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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