On the daily timeframe the descending of the instrument has reached a long-term minimum of 1.2395. Hence there is a convergence forming, a pullback to the resistance area of 61.8% (1.2770) may be expected. Further descending may be aiming at the post-correction amplification area of 138.2-161.8% (1.2019-1.1790) Fibo.
On H4 a short-term decline to the local post-correction amplification area of 138.2-161.8% (1.2386-1.2353) Fibo may be expected. However, judging by the convergence, a correction upwards to the local resistance at 1.2579 may follow.
The instrument remains in the correction corridor, testing the level around 61.8% Fibo in relation with the previous ascending trend. The goals of the subsequent decline are the same: 76.0% (120.25) and the long-term minimum of 117.96.
On H4 the instrument is developing a descending movement towards the local minimum of 120.78 after a correction upwards. Upon breaking through the minimum, the quotations may head for the new goal a 76.0% (120.25), and later to the post-correction amplification area of 138.2-161.8% (119.80-119.20) Fibo. The main resistance is at 123.36.
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.