Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
At the H4 chart, the EUR/USD pair is trading to the upside steadily, but seems to be forming the divergence as well. The closest target of the current trend is the retracement of 261.8% at 1.1942. If the price tries to reverse, the first area to test will be the retracement of 23.6% at 1.1722. the next target of this correction or even reverse may be the retracements of 38.2% and 50% at 1.1600 and 1.1512 respectively.
As we can see at the H1 chart, the situation is pretty the same. The pair is forming the divergence, which means that it may finish the local ascending impulse and start another correction. The targets of this possible correction are the retracements of 23.6%, 38.2%, and 50% at 1.1784, 1.1705, and 1.1639 respectively.
USD JPY, “US Dollar vs. Japanese Yen”
At the H4 chart of the USD/JPY pair, the current descending movement is completing with the convergence. At the same time, the decline was corrected by 23.6%. If the price makes a reverse, the next upside targets may be the retracements of 38.2% and 50% at 111.64 and 112.19 respectively.
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As we can see at the H1 chart, the pair is finishing the correction by 38.2%. Later, the price may grow to reach the retracements of 50% and 61.8% at 111.31 and 111.64 respectively.
RoboForex Analytical Department
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.
