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GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is starting a correction to the downside after the divergence. After reaching 23.6% fibo, the first descending impulse tried to reach 38.2% fibo at 1.2276 but started an internal pullback to the upside instead. Possibly, the market may resume falling towards 50.0% and 61.8% fibo at 1.2111 and 1.1946 respectively. The resistance is the high at 1.2813. If the price breaks this level, the instrument may resume the long-term uptrend.
The H1 chart shows a short-term rising pullback after the descending wave, which has already reached 50.0% fibo and may yet continue towards 61.8% fibo at 1.2553. After finishing the pullback, the pair resume trading downwards to break the low at 1.2335 and then continue towards the mid-term 38.2% fibo at 1.2276.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is correcting to the downside; it has already reached 50.0% fibo and may continue falling towards 61.8% fibo at 118.79. at the moment, the pair is forming a short-term rising structure within the correction. After finishing the pullback, the instrument may start a new rising wave towards the mid-term 50.0% fibo at 125.94 but only after breaking the high at 124.43.
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The H1 chart shows a more detailed structure of the correctional uptrend after the descending wave and the convergence. After reaching 38.2% fibo at 121.25, the first ascending impulse has failed to test it. Possibly, the pair may yet test this level and break it to continue growing towards 50.0% fibo at 121.86. However, if the price breaks the low at 119.31, it may resume the descending tendency.
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.