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GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after completing the correction, GBPUSD started a new rising impulse, which is getting closer to the retracement of 76.0% at 1.3207. The main upside target is the current high at 1.3298. If the price breaks the high, the pair may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3440 and 1.3532 respectively. The support level is at 1.2922.
In the H1 chart, the pair is trading upwards, but once can see the divergence being formed, which may indicate a possible pullback after the price reaches the short-term target, the retracement of 76.0% at 1.3207. The targets of this pullback may be the retracements of 23.6%, 38.2%, and 50.0% at 1.3140, 1.3098, and 1.3064 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, the divergence made EURJPY start a new correctional downtrend, which has already reached the retracement of 38.2%. The next possible targets are the retracements of 50.0%, 61.8%, and 76.0% at 129.02, 128.06, and 126.88 respectively. The resistance level is the high at 133.13.
Free Reports:
In the H1 chart, the pair is forming a short-term ascending correction inside the main downtrend. If the price breaks the low at 129.34, the instrument may continue trading downwards.
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.