EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, the EUR/USD pair is still being corrected and may continue the downtrend. The next downside targets may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1528 and 1.1500 respectively. We should note that inside the same area there are two other retracements, of 38.2% and 50.0% at 1.1512 and 1.1333 respectively, which show the correction of the previous long-term uptrend.
At the H1 chart, the situation is similar and confirms the scenario described above.
As we can see at the H4 chart, after the divergence, the USD/JPY pair has started a new correction, which has already reached the retracement of 23.6%. However, the uptrend may yet continue. If the price breaks the current high at 114.73, it may move towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 115.14 and 115.39 respectively. In case the correction to the downside continues, its targets will be the retracement of 38.2%, 50.0%, and 61.8% at 113.56, 113.20, and 112.83 respectively.
At the H1 chart, the situation is similar and confirms the scenario described above.
RoboForex Analytical Department