On H4 the last impulse of growth slumped to a correction upon reaching its peak. When the correction is over, growth may continue; a breakthrough of the maximum at 0.7048 might let the quotations rise to 61.8% (0.7063) Fibo. Further growth may be aimed at the post-correction amplification area of 138.2-161.8% (0.7100-0.7132), containing another mid-term aim at 76.0% (0.7115). The main support is at 0.6910.
On H1 we can see the end of the descending correction before it reached 38.2% (0.6993). The growth we are contemplating may be the beginning of a new ascending wave not just to the local maximum at 70.44, but to mid-term goals as well. However, if the resistance at the maximum holds the quotations on, another descending wave may bring them to 38.2% (0.6993) and 50.0% (0.6977) Fibo.
On H4 the quotations are still testing the long-term level of 38.2% Fibo. The instrument is trying to decline, renewing the local minimums, but its efforts do not seem to be enough to reach 50.0% (1.2864) in the short perspective. The emerging convergence may signal an approaching pullback. The resistance is at 23.6% (1.3287).
On H1 the pair is trying to develop a correcting up-trend. The first goals of growth may be 23.6% (1.3116) and 38.2% (1.3176) Fibo. The support is at the minimum of 1.3018.
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.