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Fibonacci Retracements Analysis 27.07.2016 (EUR/USD, EUR/GBP)

Article By RoboForex.com

Analysis for July 27th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the correctional retracement of 50%, Eurodollar has resumed its decline. The closest target for bears is the group of downside retracements at 1.0810. If the price rebounds from this area, the market will start a new ascending correction.

As we can see at the H1 chart, yesterday the price rebounded from the correctional retracement of 61.8% and right now is trying to rebound from the local retracement of 50%. As a result, during the day the pair may resume moving downwards to reach the local target at 1.0890 – 1.0900.

EUR GBP, “Euro vs Great Britain Pound”

Europound is moving close to the correctional retracement of 38.2% again. If the price rebounds from this level once again, the market may start a new descending movement towards the retracement of 50%.

As we can see at the H1 chart, the price may test the local correctional retracement of 78.6% very soon. If the pair rebounds from it, the market will resume its decline towards the local target at 0.8250.

RoboForex Analytical Department

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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