EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, after reaching the post-correctional extension area, EURUSD was forced by the convergence to reverse and start a new ascending movement. The first target of this uptrend may be the retracements of 23.6%, 38.2% and 50.0% at 1.1880, 1.1981, and 1.2065 respectively.
In the H1 chart, the convergence made the pair reverse and resume growing; this correctional uptrend has already reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 1.1856 and 1.1888 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, the divergence is being formed, which may indicate a possible pullback. The targets of this pullback may be the retracements of 23.6%, 38.2%, and 50.0% at 110.32, 109.68, and 109.13 respectively. However, if the price breaks the high at 111.39, the instrument may continue growing to reach the retracement of 261.8% at 112.29.
As we can see in the H1 chart, the divergence made USDJPY start a new correction to the downside, which has already reached the retracement of 23.6%. The next targets of this correction may be the retracements of 38.2%, 50.0%, and 61.8% at 110.54, 110.28, and 110.01 respectively.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.