Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, the EUR/USD pair is still moving upwards to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2291 and 1.2418 respectively. The main support level is at 1.2087.
At the H1 chart, the pair stopped forming the ascending impulse. In the short-term, the price is expected to be corrected downwards to reach the retracements of 23.6%, 38.2%, and 50.0% at 1.2210, 1.2157, and 1.2112 respectively.
USD JPY, “US Dollar vs. Japanese Yen”
As we can see at the H4 chart, the USD/JPY pair has broken the Triangle pattern downwards and continues forming the descending correction. The main targets of the correction are inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 109.73 and 109.05 respectively.
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At the H1 chart, the price is falling steadily, but we also can see the convergence being formed, which may indicate a possible reverse in the nearest future. In this case, the targets will be the area between the retracements of 23.6% and 76.0% at 111.06 and 112.64 respectively.
RoboForex Analytical Department
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.
