Analysis for July 4th, 2016
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the flat
continues. The closest target is the retracement of 50% and fibo-levels surrounding it. If the pair rebounds from this area downwards, the market may start a new descending movement.
As we can see at the H1 chart, the price has rebounded from the retracement of 38.2% and may start an ascending correction. On Monday, the pair may reach a new high and rebound from the retracement of 50%. In this case, the market may resume falling.
EUR GBP, “Euro vs Great Britain Pound”
Europound rebounded from the correctional retracement of 78.6% and right now is still growing. The local correction that followed 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 is attempting to rebound from the retracement of 23.6%. If the pair fails to break this level during the day, it may continue growing towards the upside target area, which is confirmed by local fibo-levels.
RoboForex Analytical Department