Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after finishing a slight correction, GBPUSD is forming another rising impulse to reach the high at 1.3740. If this level is broken, the price may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1.3790 and 1.3980 respectively. However, an alternative scenario says that the pair may rebound from the high and start a new mid-term descending wave towards 23.6%, 38.2%, 50.0%, 61.8%, and 76.0% fibo at 1.3465, 1.3315, 1.3193, 1.3071, and 1.2924 respectively.
In the H1 chart, the descending correctional wave was approaching 38.2% fibo at 1.3510 but has failed to reach it. In the nearest future, the price may break the high at 1.3710 and then continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3782 and 1.3828 respectively.
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EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, EURJPY is completing its decline after another divergence on MACD and may start a new rising wave soon. Possibly, the pair may resume growing to break the mid-term 61.8% fibo at 128.65 and then continue moving to reach the post-correctional extension area between 138.2% and 161.8% fibo at 129.16 and 130.43 respectively. The key support is the fractal low at 121.62.
As we can see In the H1 chart, after correcting towards 50.0% fibo, the pair is moving upwards but may soon start another descending impulse to reach 61.8% fibo at 124.62. The local upside target is the high at 127.49, a breakout of which will hint at a further uptrend.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
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