EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the mid-term correction continues. The current movement may form a new Triangle pattern, but after reaching and breaking the high at 1.1472, the price may start a new rising channel. The correctional upside targets will be the retracements of 50.0% and 61.8% at 1.1516 and 1.1587 respectively. The key support level is at 1.1216.
In the H1 chart, the convergence made EURUSD reverse and start a new correction, which has already reached the retracement of 61.8%. The next upside target of this pullback may be the retracement of 76.0% at 1.1423. However, the key target for this rising impulse is at 1.1472.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY has failed to form a proper ascending impulse; right now, it is forming a new descending wave to expand the mid-term correction to the downside. The closest target is the low at 112.03. If the price breaks the low, it may fall towards the support at 111.37. However, one shouldn’t exclude a possibility that the uptrend may yet continue. After breaking the local high at 114.20, the instrument may continue growing towards the key resistance at 114.55 or even the post-correctional extension area between the retracements of 138.2% and 161.8% at 114.93 and 115.37 respectively.
In the H1 chart, the pair is falling towards the retracement of 76.0% at 112.99. If the price breaks the low at 112.66, it may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 112.14 and 111.81 respectively.
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.