Article By RoboForex.com

EUR USD, “Euro vs US Dollar”

As we can see at the H4 chart, the EUR/USD pair is still being corrected and may continue the downtrend. The next downside targets may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1528 and 1.1500 respectively. We should note that inside the same area there are two other retracements, of 38.2% and 50.0% at 1.1512 and 1.1333 respectively, which show the correction of the previous long-term uptrend.

At the H1 chart, the situation is similar and confirms the scenario described above.

As we can see at the H4 chart, after the divergence, the USD/JPY pair has started a new correction, which has already reached the retracement of 23.6%. However, the uptrend may yet continue. If the price breaks the current high at 114.73, it may move towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 115.14 and 115.39 respectively. In case the correction to the downside continues, its targets will be the retracement of 38.2%, 50.0%, and 61.8% at 113.56, 113.20, and 112.83 respectively.

At the H1 chart, the situation is similar and confirms the scenario described above.

RoboForex Analytical Department

Article By RoboForex.com

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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.