EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is slowing down the current descending wave inside the mid-term correction. A new ascending impulse may be heading towards the high at 1.1472. The key correctional targets will be the retracements of 50.0% and 61.8% at 1.1516 and 1.1587 respectively. However, one shouldn’t exclude another possible plunge. If the price breaks the low at 1.1216, the instrument will continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1118 and 1.1058 respectively.
In the H1 chart, EURUSD is testing the retracement of 50.0%. Later, the price is expected to resume falling towards 1.1314. At the same time, there is a convergence on MACD, which may indicate a new rising impulse to reach the high at 1.1475.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after being corrected by 61.8%, USDJPY started a new ascending impulse. The upside targets may be at 114.20 and 114.55. The support level is at 112.79.
In the H1 chart, the pair is testing the retracement of 61.8%. Possibly, the price may break it and continue growing towards the retracement of 50.0% at 113.75. The local support is at 113.03.
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.