Fibonacci Retracements Analysis 23.07.2015

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

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Euro vs US Dollar

Eurodollar is being corrected. If in the nearest future the price rebounds from retracement 50%, the downtrend may resume. I’m planning to open another sell order with the target at the group of lower fibo-levels after the pair stays below retracement 38.2%.



As we can see at the H1 chart, the target area of the current correction is confirmed by local retracements. If the pair rebounds from this area, the market may start a new descending movement.

Euro vs Great Britain Pound

Europound is still being corrected. Earlier, the pair rebounded from a correctional retracement 50%. The target for the nearest future is the group of fibo-levels at 0.6870. Yesterday I opened a sell order when the pair completed the local correction.



At the H1 chart, the price is also being corrected. If the pair rebounds from a local retracement 78.6%, the downtrend may resume. The target is still the group of lower fibo-levels.



 

Forex Trading | News Daily Update | FXTM Online Analysis Department.