EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, after entering the post-correctional extension area between 138.2% and 161.8% fibo at 1.0942 and 1.0889 respectively, EURUSD is correcting towards 50.0% fibo at 1.1088. In the future, the correction may continue to reach 61.8% and 76.0% fibo at 1.1126 and 1.1172 respectively.
In the H1 chart, after finishing the rising impulse, the pair is correcting downwards and has already reached 38.2% fibo. Later, the pullback may continue towards 50.0% and 61.8% fibo at 1.1006 and 1.0987 respectively. If the price breaks the high at 1.1085, the mid-term uptrend may continue.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the correctional uptrend continues; it has already reached 38.2% fibo. In the short-term, the price may start a new correction towards 23.6% fibo at 106.33. After the correction, USDJPY may resume moving upwards to reach 50.0% and 61.8% fibo at 108.42 and 109.37 respectively. The key support is at 104.45.
In the H1 chart, there is a divergence on MACD within the uptrend, which may indicate a new pullback soon with the target at 23.6%, 38.2%, and 50.0% fibo at 106.78, 106.33, and 105.98 respectively. If the price breaks the high at 107.50, the instrument may resume trading upwards.
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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.