Article By RoboForex.com
EURUSD, “Euro vs US Dollar”
In the H4 chart, EURUSD has completed the correctional uptrend close to the retracement of 38.2% and right now is forming a new descending impulse. However, if the price breaks the current high, the uptrend may continue towards the retracement of 50.0% at 1.1858. The support level is the low at 1.1300.
As we can see in the H1 chart, the pair has already reached the retracement of 38.2% and may continue falling towards the retracements of 50.0%, 61.8%, and 76.0% at 1.1518, 1.1466, and 1.1405 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the convergence made USDJPY reverse and start a new correctional uptrend, which is getting closer to the retracement of 61.8% at 111.87 and may continue towards the retracement of 76.0% at 112.35. The resistance level is the high at 113.18, the support one is the low at 109.78.
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In the H1 chart, the pair is forming a new ascending impulse, which is getting closer to the retracement of 76.0% at 111.55. After breaking the short-term high at 111.83, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 112.26 and 112.54 respectively.
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.