EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD has already been corrected to the upside by 38.2% and may continue growing towards the retracements of 50.0% and 61.8% at 1.1279 and 1.1319 respectively. The key support level is the low at 1.1110.
In the H1 chart, the divergence made the pair start a new correction, which has already reached the retracement of 38.2%. The next targets may be the retracements of 50.0%, 61.8%, and 76.0% at 1.1215, 1.1203, and 1.1190 respectively. The resistance level is the local high at 1.1264.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the convergence made USDJPY complete the descending tendency at the retracement of 38.2%, thus indicating a new pullback. The targets of this pullback may be the resistance levels at 110.53 and 112.40. After finishing the pullback, the instrument may resume falling to reach the retracements of 50.0% and 61.8% at 108.45 and 107.52 respectively.
In the H1 chart, the convergence made the price start a new rising correction, which has already reached the retracement of 23.6%. The next upside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 110.03, 110.35, and 110.66. The support level is the low at 109.02.
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.