EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, the EUR/USD pair is still being corrected to the upside and has already reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 1.1717 and 1.1755 respectively. We should note that the downtrend may yet continue; its closest target may be the retracement of 38.2% at 1.1510, but only after the pair breaks the local low at 1.1553.
At the H1 chart, the short-term uptrend continues towards 1.1717. The pair has already reached the post-correctional extension area between the retracements of 138.2% and 161.8%. At the same time, the divergence that is being formed may indicate a possible pullback towards the retracement 50.0% at 1.1634.
USD JPY, “US Dollar vs. Japanese Yen”
As we can see at the H4 chart, the USD/JPY pair has started a new correction, which has already reached the retracement of 50.0%. The current movement may be described as the start of a new ascending impulse. The closest targets may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 115.34 and 115.75 respectively. In the nearest future, the upside targets may be the retracements of 61.8% and 76.0% at 114.11 and 114.33 respectively. A further mid-term decline is also possible. Its target may be at 112.83.
At the H1 chart, the situation is similar and confirms the scenario described above.
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.