Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, the EUR/USD pair is being corrected to the downside after the divergence and has already reached the retracement of 38.2%. The next targets of this local downtrend may be the retracements of 50.0% and 61.8% at 1.1912 and 1.1872 respectively. The resistance level is at 1.2088.
At the H1 chart, the situation is similar and confirms the scenario described above.
USD JPY, “US Dollar vs. Japanese Yen”
As we can see at the H4 chart, the USD/JPY pair is trading sideways inside the Triangle pattern. If the price breaks the pattern’s upside border, it may start a new ascending impulse. After breaking the current high at 113.75, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 114.38 and 114.79.
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At the H1 chart, the price is about to finish the correction to the downside. The upside targets will be the retracements of 61.8% and 76.0% at 113.04 and 113.17 respectively. After reaching them, the instrument may continue growing to reach the local high at 113.38.
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.
