EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, after breaking the previous low, EURUSD has started a short-term pullback. The pair may start a new descending impulse after it breaks the current low at 1.1110. The downside targets are inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1067 and 1.1002 respectively. The key resistance level is at 1.1324.
In the H1 chart, the convergence made the pair start a new correctional uptrend, which has already reached the retracement of 38.2%. The next upside targets are the retracements of 50.0%, 61.8%, and 76.0% at 1.1217, 1.1242, and 1.1272 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the divergence made USDJPY start a new decline. After completing this descending correction, the pair may resume growing to break the high at 112.40 and then continue its growth towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 113.06 and 113.63 respectively.
In the H1 chart, the correctional downtrend has reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 111.21 and 110.92 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.