EUR USD, “Euro vs US Dollar”
At the H4 chart, after completing the ascending impulse and reaching 1.1293, the EUR/USD pair was corrected to the downside by 38.2%. Later, the price formed another impulse with the extension by 161.8% and reached 1.1444. In the future, the instrument may start a short-term correction and then grow to reach 1.1585.
As we can see at the H1 chart, the pair finished the ascending impulse at 1.1444 and started the descending correction towards retracements of 38.2% and 50%. However, the closest target of the correction is at 1.1327. Later, the price may grow towards 1.1500, which is the extension by 150% after the correction.
USD JPY, “US Dollar vs. Japanese Yen”
At the H4 chart, after completing the descending impulse, the USD/JPY pair was corrected to the upside by 76% and reached 113.04. the next upside target is at 114.36.
As we can see at the H1 chart, after being corrected to the downside by 50%, the USD/JPY pair started the ascending extension by 161.8% to reach 113.57. Later, the price is expected to return to 111.65.
RoboForex Analytical Department