Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, the EUR/USD pair has formed two ascending impulses along with corrections, and this structure means that the impulses along with the corrections are the parts of another bigger impulse. The price is forming the divergence, which indicates a new descending correction. However, this may be just a correction of the previous ascending impulse. By now, the pair has been already corrected by 50.0%. Later, the instrument may continue growing, but only after breaking the local high at 1.2092. The main target may be the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2161 and 1.2211 respectively.
At the H1 chart, the situation is similar, but shows more detailed structure. In case the previous downtrend may be considered as completed, then right now the pair is being corrected to the upside. The main target of this correction is the retracement of 61.8% at 1.2035. After breaking 1.2092, the price may grow towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2142 and 1.2177 respectively.
USD JPY, “US Dollar vs. Japanese Yen”
At the H4 chart, after reaching this year’s lows, the USD/JPY pair formed the convergence, which indicated a possible correction to the upside. At the moment, the price trading to reach the retracement of 38.2% at 110.05. The next upside targets may be the retracements of 50.0% and 61.8% at 110.90 and 111.736 respectively.
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As we can see at the H1 chart, the previous downtrend has been corrected by 61.8%. the next target of the correction is the retracement of 76.0%.
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.
