EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the convergence made EURUSD start a new rising impulse, which reached 50.0% fibo and was later followed by a pullback. After completing this pullback, the pair may continue growing towards 61.8% and 76.0% fibo at 1.1174 and 1.1202 respectively. The key target of this rising impulse will be the high at 1.1250. However, we shouldn’t ignore a possibility that the instrument may yet break the local low at 1.1051. In this case, the price may continue falling towards the support at 1.1027 and the post-correctional extension area between 138.2% and 161.8% fibo at 1.0942 and 1.0889 respectively.
The H1 chart shows more detailed structure of the current pullback. EURUSD slowed down at 61.8% fibo, but may yet continue falling towards 76.0% fibo at 1.1078. The resistance is the local high at 1.1164.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after testing the long-term low at 104.51, USDJPY started a new correction due to the convergence and has already reached 38.2% fibo. In the future, the correction may continue towards 50.0% and 61.8% fibo at 106.88 and 107.45 respectively. The support is at 104.45.
In the H1 chart, USDJPY is correcting downwards after completing the rising wave. The pair has already reached 38.2% fibo and may continue falling towards 50.0% and 61.8% fibo at 105.43 and 105.20 respectively. If the price breaks the high at 106.41, 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.
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