Article By RoboForex.com
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the mid-term sideways movement continues between the support and resistance levels at 1.1508 and 1.1852 respectively. If EURUSD breaks the support level, it may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1381 and 1.1300 respectively. However, one shouldn’t exclude a possibility that the instrument may break the resistance level. In this case, it may reach the retracements of 50.0% and 61.8% at 1.1962 and 1.2068 respectively.
In the H1 chart, the divergence is making the pair finish the uptrend and start a new correction to the downside with possible target at the retracements of 23.6%, 38.2%, and 50.0%.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is still trading towards the high at 111.39. After breaking the high, the price may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 112.64 and 113.42 respectively. The support level is at 109.37.
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In the H1 chart, the divergence is being formed, which may indicate a reverse after the price reaches its upside targets inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 111.46 and 111.66 respectively.
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.