EURUSD, “Euro vs US Dollar”
As we can see in the daily chart, EURUSD is consolidating not far from the long-term 38.2% fibo. Possibly, the pair may break this consolidation range to the upside and start a new ascending impulse. After breaking the fractal high at 1.1495, the instrument may reach the long-term 50.0% and 61.8% fibo at 1.1595 and 1.1820 respectively. The key support is the low at 1.0635.
The H4 chart shows a sideways correction between 38.2% fibo and the high at 1.1422. However, as long as the price is moving below the high, the pair may yet form a new descending impulse. The next downside targets may be 50.0% and 61.8% fibo at 1.1094 and 1.1017 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after the first correctional wave to the upside towards 50.0% fibo, USDJPY is forming a new pullback. After completing the pullback, the pair may resume trading upwards to reach 61.8% and 76.0% fibo at 108.41 and 108.95 respectively. If the price continues growing and beaks the local high at 109.85, the instrument may start a new long-term rising wave. The key support is the low at 106.07.
The H1 chart shows a more detailed structure of the current pullback, which has almost reached 50.0% fibo at 107.12 but failed to test it. At the same time, there might be a convergence on MACD to indicate a new rising impulse towards 108.16.
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.