EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the convergence made the pair finish its decline at 1.0879 and start a new ascending tendency. However, one shouldn’t exclude the possibility that EURUSD may yet break the low and continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.0856 and 1.0812 respectively. At the same time, according to the main scenario, the price is expected to reverse upwards. By now, the instrument has already reached 23.6% fibo and may continue growing towards 38.2%, 50.0%, and 61.8% fibo at 1.1021. 1.1064, and 1.1108 respectively to confirm the reversal and the long-term tendency change.
Looking at the H1 chart, we can see that EURUSD has reached 50.0% fibo; at the same time, there is a divergence on MACD to a new pullback. The target of this pullback may be 23.6% fibo at 1.0934. after completing the correction, the instrument may continue growing towards 61.8% and 76.0% fibo at 1.1022 and 1.1055 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY has completed the last correctional wave at 50.0% fibo. Possibly, the decline may yet continue towards 61.8% and 76.0% fibo at 105.99 and 105.42 respectively, but the main scenario implies a new growth. If the price forms a new rising impulse and breaks the high at 108.48, the instrument may reach the mid-term correctional target at 61.8% fibo at 109.37.
In the H1 chart, the price has reached 50.0% fibo. The next upside targets may be 61.8% and 76.0% fibo at 107.71 and 107.99 respectively. The support is the low at 106.48.
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.