EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the convergence made EURUSD start a new ascending correction, which reached the retracement of 76.0%, but then the pair reversed downwards. The closest downside target may be the retracement of 50.0% at 1.1402. After reaching the target, the instrument may start a new rising impulse to reach the high at 1.1514 or even maybe 1.1569.
In the H1 chart, EURUSD is trading downwards to reach the retracement of 50.0%, 61.8%, and 76.0% at 1.1402, 1.1375, and 1.1343 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY has been able to form a new rising impulse; right now, the price is testing the high to break it. If it succeeds, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 110.57 and 110.91 respectively. The support is at 109.25.
In the H1 chart, the instrument is forming a local pullback. The possible targets of this pullback may be the retracements of 38.2% and 50.0% at 109.61 and 109.44 respectively.
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.