EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is finishing the correctional downtrend at 61.8% fibo at 1.1079. there might be another descending wave, but it’s very unlikely. The main scenario implies that the price may form a new rising impulse to reach the local high at 1.1239 and then mid-term 76.0% fibo at 1.1248.
In the H1 chart, the convergence made the pair reverse and start a new ascending impulse, which has reached 38.1% fibo. The next upside targets may be 50.0%, 61.8%, and 76.0% fibo at 1.1162, 1.1180, and 1.1202 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the daily chart, after finishing the correctional downtrend, USDJPY has updated its weekly highs and right now is trading towards the mid-term target at 76.0% fibo (110.49). At the same time, we should note that in this situation the key target may be the fractal high at 112.40. The support is 50.0% fibo at 108.43.
In the H4 chart, the ascending impulse is heading towards the mid-term target at 76.0% fibo at 110.49.
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.