Article By RoboForex.com
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the asset is correcting upwards after a convergence on MACD. After reaching 38.2% fibo, EURUSD is consolidating. In this case, the asset is expected to continue growing towards 50.0% and 61.8% fibo at 1.1974 and 1.2037 respectively. After the correction is over, the instrument may start a new decline to break the low at 1.1704 and then the mid-term 38.2% fibo at 1.1695.
In the H1 chart, the pair is consolidating and correcting downwards. It has already tested 23.6% fibo twice but a divergence on MACD may indicate that the short-term correctional decline may yet continue. The next downside targets may be 38.2% and 50.0% fibo at 1.1842 and 1.1815 respectively. A breakout of the local high at 1.1927 will result in a further ascending correction.
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USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the correctional descending wave has tested 23.6% fibo after a divergence on MACD, which resulted in a rebound. Such a rebound may lead to a new rising wave towards the high at 110.97, a breakout of which may result in a further uptrend to reach the long-term fractal high at 111.71. However, if the asset fails to break the high, the market may start a new decline towards 38.2% and 50.0% fibo at 107.77 and 106.78 respectively.
The H1 chart shows a more detailed structure of the current ascending movement after a convergence on MACD. By now, the pair has already reached 38.2% fibo and may later continue rising towards 50.0%, 61.8%, and 76.0% fibo at 109.98, 110.22, and 110.50 respectively. The key support is the low at 109.00.
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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