Fibonacci Retracements Analysis 29.06.2016 (EUR/USD, EUR/GBP)

29.06.2016

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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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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