Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
As we see in the daily chart, after breaking the high at 1.2648, GBPUSD is forming a steady rising impulse towards 50.0% and 61.8% fibo at 1.2890 and 1.3240 respectively. The support is at 23.6% fibo at 1.2110.
The H4 chart shows more detailed structure of the current ascending movement. After completing the descending wave and then forming a new rising one to break high, the pair is moving towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.2865 and 1.3000 respectively. At the same time, there is a divergence on MACD, which may indicate a possible pullback soon.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the daily chart, after reaching 38.2% fibo at 123.22, EURJPY has started a new pullback. Later, the pair may complete the correction and resume growing towards 50.0% and 61.8% fibo at 125.95 and 128.67 respectively. The support is 23.6% fibo at 119.85.
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In the H4 chart, EURJPY is falling towards the support at 23.6% fibo (119.85). After finishing the correction, the instrument may continue trading to reach the post-correctional extension area between 138.2% and 161.8% fibo at 126.08 and 128.10 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.
