Fibonacci Retracements Analysis 31.07.2015 (EUR/USD, EUR/GBP)

31.07.2015

Analysis for July 31st, 2015

EUR USD, “Euro vs US Dollar”

Probably, several days ago Eurodollar rebounded from the retracement of 61.8% and, thus, completed the correction. The target is still the group of lower fibo-levels. In the nearest future, the market is expected to continue falling and break yesterday’s low. During the correction yesterday, I opened another sell order.



As we can see at the H1 chart, the predicted target of the current ascending correction is confirmed by local retracements. During the day, the market may rebound from the retracement of 50%. Later, I’m planning to open additional sell orders.




EUR GBP, “Euro vs Great Britain Pound”

Europound has rebounded from the retracement of 50% and started falling. The target for the nearest future is the group of fibo-levels at 0.6870. Earlier, I opened a sell order when the price completed the local correction. In the future, I’m planning to increase my short position.



As we can see at the H1 chart, after rebounding from the group of upper fibo-levels, the price has started falling. The target is still the lower area, which is confirmed by several local retracements. In the nearest future, the market is expected to rebound from the local retracement of 38.2% and resume moving downwards.



 
RoboForex Analytical Department

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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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