EURUSD, "Euro vs US Dollar"
On H4, there is a consolidation around 23.6% Fibo. This level was reached by the first wave of correctional growth after a convergence on the MACD. After an escape from the consolidation upwards, the quotations will head for 38.2% (1.1948) and 50.0% (1.2009). When the uptrend is over, a new impulse of decline to the current low of 1.1752 should form, and after it is broken away, the bearish trend will head for the long-term level of 38.2% (1.1695).
On H1, the consolidation narrowing can be seen in technical detail. It can be interpreted as a correction after a wave of growth. The first wave of decline overcome 23.6%, while 38.2% (1.1850) Fibo remained just slightly tested. In such circumstances, an impulse of decline might start to 38.2% (1.1850), and after it is broken away — to 50.0% (1.1831). First-hand, expect the consolidation to end in the quotations sprouting upwards and breaking through the high of 1.1909.
USDJPY, "US Dollar vs Japanese Yen"
On H4, the market is developing a bearish phase after a divergence. The first wave of decline reached 23.6% Fibo. However, after the pullback, we can see the second wave of decline forming. It aims at 38.2% (108.20) and 50.0% (107.13). Local resistance is at the level of 111.66.
On H1, the quotations are nearing the low of 109.06. A breakaway of this level will open a pathway into the post-correctional extension area of 138.2-161.8% Fibo (108.48-108.11). In it, the medium-term target level of 38.2% (108.20) lies. Resistance is at the high of 110.59.
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.