Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after the price had reached the retracement of 76.0%, there was a convergence on MACD, which made the pair start a new short-term correction within the downtrend. By now, the correction has already reached the retracement of 23.6%. In case it continues, the price may reach the retracements of 38.2% and 50.0% at 1.2795 and 1.2867 respectively. The support is the local low at 1.2558.
The H1 chart shows a stable correctional uptrend towards the retracement of 38.2% at 1.2795.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is trading downwards and, after breaking the retracement of 61.8%, hasn’t been able to reach 120.25. At the same time, there is a convergence on MACD, which may indicate a new pullback. The resistance level is the retracement of 38.2% at 123.84. After finishing the pullback, the instrument may form a new descending structure to reach the retracement of 76.0% at 120.25 and then the low at 117.96
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In the H1 chart, the pair is forming a short-term correction to the upside. Right now, the price is getting closer to the retracement of 38.2% at 121.91. After that, the instrument may reach the retracement of 50.0% at 122.26. The support is the low at 120.78.
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.
