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EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, the divergence made the EUR/USD pair reverse and start a new downtrend, which has already reached the retracement of 23.6%. The next downside targets are the retracements of 38.2%, 50.0%, and 61.8% at 1.2297, 1.2224, and 1.2154 respectively. The main resistance level is at 1.2537.
At the H1 chart, the pair is being corrected downwards.
USD JPY, “US Dollar vs. Japanese Yen”
At the H4 chart, the downtrend continues. After finishing a short-term correction, the pair is moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 108.03 and 107.72 respectively. The main target is the low at 107.32. However, we can see the convergence being formed, which may indicate a possible reverse after the instrument reaches its targets.
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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.