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Fibonacci Retracements Analysis 29.07.2016 (EUR/USD, EUR/GBP)

Article By RoboForex.com

Analysis for July 29th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has rebounded from the correctional retracement of 78.6%, which means that it may resume falling. The closest target is still the group of downside retracements at 1.0810. Possibly, on Friday bears may try to break yesterday’s low.

As we can see at the H1 chart, yesterday the price rebounded from the retracement of 78.6% and right now is consolidating. The short-term target is the correctional retracement of 38.2%. If the price breaks this level and stays below it, the pair will continue moving downwards.

EUR GBP, “Euro vs Great Britain Pound”

Europound is still moving under the correctional retracement of 50% again. If the price stays under this level soon, the market may start a new descending movement. The closest target is the group of retracements at 0.8090.

As we can see at the H1 chart, the price is testing the retracement of 50% again. If the pair rebounds from this level one more time, the market will fall towards the retracement of 38.2%. After breaking it, Europound will continue falling much deeper.

RoboForex Analytical Department

Article By RoboForex.com

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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