GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, there was a convergence on MACD that made GBPUSD start a new correctional uptrend, which has already reached the retracement of 38.2%. In the future, the correction may continue towards the retracements of 50.0% and 61.8% at 1.2848 and 1.2954 respectively. The support level is at 1.2610.
In the H1 chart, there was a divergence on MACD, which made the pair start a new pullback that has already reached the retracement of 23.6%. The next possible targets are the retracements of 38.2%, 50.0%, and 61.8% at 1.2644, 1.2597, and 1.2551 respectively. If the price breaks the local high at 1.2797, the instrument may continue growing towards its mid-term targets.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after finishing the quick descending impulse, EURJPY is forming a new pullback towards the retracements of 50.0% and 61.8% at 125.55 and 127.32 respectively. The support level is at 121.53.
In the H1 chart, there is a divergence on MACD, which may indicate a new correction after the instrument reaches the target at 125.55. The possible targets of this correction may be the retracements of 23.6% and 38.2% at 123.77 and 122.65 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.
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