EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the divergence on MACD made EURUSD start a new descending wave, which already tested 61.8% fibo at 1.1166 and rebounded from it. The rising movement that followed wasn’t too successful, so right now the pair is falling again to re-test the above-mentioned support area. If the price breaks the support, it may continue falling towards 50.0% fibo. The entire movement may be considered as a correction. After the correction is over, the instrument may start a тку rising impulse to reach the fractal high and the long-term 50.0% fibo at 1.1495 and 1.1595 respectively.
The H1 chart shows a descending correction; earlier, it reached 38.2% fibo and was followed by a pullback. Right now, the pair is heading to re-test 38.2% fibo. If the instrument breaks it, 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 a quick descending wave and the convergence, USDJPY is correcting to the upside. It’s quite interesting that the wave already tested the mid-term 50.0% fibo but failed to update its previous fractal low. By now, the pair has returned to the mid-term 38.2% fibo. However, if the price continues growing and breaks the local high at 109.85, the instrument may resume the long-term uptrend.
The H1 chart shows a more detailed structure of the current uptrend. After breaking 38.2% fibo, the pair is trying to reach 50.0% and 61.8% fibo at 107.95 and 108.41 respectively. at the same time, there is a divergence within the uptrend on MACD, which may indicate a possible pullback soon. The support is the low at 106.57.
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.