Analysis for July 21st, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has started a correction. However, during the day the price may resume the downtrend. The target is still the group of lower fibo-levels at 1.0640 – the price may reach them during the next several days.
As we can see at the H1 chart, after rebounding from a correctional retracement 50%, the pair has resumed falling. In the nearest future, the current correction may complete at retracement 23.6% or 38.2%. The intermediate target is the group of fibo-levels at 1.0720. Probably, the market may break the local low during the day.
EUR GBP, “Euro vs Great Britain Pound”
Europound continues falling. Earlier, the pair has rebounded from a correctional retracement 50%. The target for the nearest future is the group of fibo-levels at 0.6870. I’m planning to open another sell order when the pair completes the local correction.
At the H1 chart, the price is being corrected. Later, I’m planning to increase my short position when the price rebounds from retracement 23.6%. If the price rebounds from the lower levels, it may start an ascending correction.
RoboForex Analytical Department