Analysis for July 6th, 2016
EUR USD, “Euro vs US Dollar”
Yesterday, Eurodollar successfully rebounded from the retracement of 50%. Consequently, in the future the pair may continue moving downwards to reach the group of downside retracements at 1.0810.
As we can see at the H1 chart, the target of the local correction is the correctional retracement of 38.2%. If the market rebounds from this level, it may continue falling and break the previous low. Moreover, the downside targets are conformed by local fibo-levels.
EUR GBP, “Euro vs Great Britain Pound”
Europound has reached its predicted targets and the Take Profit closed my buy order opened earlier. During the correction, I opened anther order with the target at the next group of retracements at 0.8790. If the price rebounds from this area, the market may start a new descending correction.
At the H1 chart, the price rebounded from the local retracement of 38.2% and I decided to open a new long position. It’s highly likely that on Wednesday the market may break the maximum and resume growing towards upside targets.
RoboForex Analytical Department