EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, after finishing the short-term pullback, EURUSD is forming a new descending impulse. It seems as if the previous low at 1.1027 couldn’t provide enough resistance to bears and now acts as the resistance for bulls. After breaking the previous low, the instrument continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.0942 and 1.0889 respectively.
In the H1 chart, there is a convergence within the downtrend on MACD, which may indicate a possible pullback. The upside correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 1.0955, 1.0994, and 1.1027 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is testing 23.6% fibo. In the future, the correctional uptrend may continue towards 38.2%, 50.0%, and 61.8% fibo at 107.48, 108.42, and 109.37 respectively. The support is at 104.45.
In the H1 chart, USDJPY is correcting downwards and has already reached 23.6% fibo. In the future, the correction may continue towards 38.2% and 50.0% fibo at 105.83 and 105.56 respectively. If the price breaks the high at 106.68, the instrument may resume trading upwards.
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.