Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, the mid-term uptrend has been corrected by 23.6%. In the short-term (after forming the convergence), the EUR/USD pair may be corrected to the upside a little bit. The next targets of this correction may be the retracements of 38.2%, 50.0%, and 61.8% at 1.1808, 1.1851, and 1.1894 respectively.
At the H1 chart, the situation is similar and confirms the H4 chart scenario. In the nearest future, the pair may start a short-term decline towards 1.1731.
USD JPY, “US Dollar vs. Japanese Yen”
As we can see at the H4 chart, the USD/JPY pair has formed the divergence and then started a new correction. The main targets of this correction may be the retracements of 23.6%, 38.2%, and 50.0% at 111.98, 111.11, and 110.38 respectively. The resistance level is close to the high at 113.43.
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At the H1 chart, the pair is being corrected sideways after finishing the descending impulse. If the price breaks the local low at 112.32, the next closest targets will be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 112.14 and 112.02 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.
