EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, after reaching 50.0% fibo, EURUSD is expanding the correction by forming another descending wave. The target of the pullback may be the local support, which is 23.6% fibo at 1.1005. After finishing this descending correction, the pair may start a new wave to the upside to reach 61.8% and 76.0% fibo at 1.1208 and 1.1248 respectively. However, one should pay attention to long-term 23.6% fibo at 1.1275.
The H1 chart shows the more detailed structure of the attempt to test the high at 1.1179 and the following descending correction. Right now, the pair is getting closer to 23.6% fibo to re-test it. The next downside targets may be 38.2% and 50.0% fibo at 1.1064 and 1.1029 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the divergence made the pair complete the correction at 50.0% fibo and start a new rising impulse, which is heading towards 61.8% fibo at 109.37 located inside the post-correctional extension area between 138.2% and 161.8% fibo at 109.23 and 109.70 respectively. However, one shouldn’t exclude a new descending wave.
The H1 chart shows potential downside targets in case the price finishes the current rising impulse and starts a new descending wave: 61.8% and 76.0% fibo at 107.55 and 107.15 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.