EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is about to finish the downtrend and start a new rising impulse. The short-term targets may be the local high at 1.2476 and then the long-term one at 1.2556. If the instrument breaks the latter level, the pair may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2577 and 1.2639 respectively. However, if the price fails to break the resistance level at 1.2555, it may start a new descending movement towards the retracement of 50.0% at 1.2055.
In the H1 chart, the convergence made the pair reverse and start a new uptrend, which has already reached the retracement of 38.1%. The next targets may be the retracements of 50.0%, 61.8%, and 76.0% at 1.2346, 1.2376, and 1.2414 respectively. The support level is the short-term low at 1.2154.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the convergence made USDJPY start a new ascending correction, which has already reached the retracement of 23.6%. The next upside targets are the retracements of 38.2%, 50.0%, and 61.8% at 108.12, 109.20, and 110.26 respectively. The support level is the low at 104.63.
In the H1 chart, the pair is being corrected downwards. Overall, the short-term uptrend is moving towards 108.12.
RoboForex Analytical Department