EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is being corrected to the downside and has already reached the retracement of 61.8%. In the short-term, this decline may continue towards the retracement of 76.0% at 1.2232. In case the price starts a new ascending impulse, its targets will 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 1.2708 and 1.2806 respectively.
In the H1 chart, the convergence is being formed, which indicate a new ascending movement. By now, this movement has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1.2356, 1.2379, and 1.2403 respectively.
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 108.10, 109.17, and 110.25 respectively. The support level is the low at 104.62.
In the H1 chart, the pair is moving downwards and has already reached the retracement of 50.0%. The next target is the retracement of 61.8% at 105.54. The correction is about to finish soon.
RoboForex Analytical Department