EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is still being corrected to the downside. The correctional downtrend has already reached the retracement of 61.8% and right now is heading towards the retracement of 76.0% at 1.1797. The resistance level is at 1.2171. At the same time, one can see the convergence being formed.
In the H1 chart, the downtrend continues. Apart from this, the convergence is being formed, which means that after reaching its downside targets the instrument may reverse and start a new ascending correction. The targets of this correction may be the retracements of 23.6%, 38.2%, and 50.0% at 1.1941, 1.2030, and 1.2104 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY got very close to the retracement of 61.8% at 110.25, but the divergence made the pair reverse and start a new correction to the downside. Later, after breaking the high, the price may start a new ascending impulse towards the retracement of 76.0% at 111.56. The support level is at 106.76.
As we can see in the H1 chart, USDJPY has already been corrected to the downside by 23.6%. The next targets of this correction may be the retracements of 38.2%, 50.0%, and 61.8% at 108.49, 108.01, and 107.53 respectively.
RoboForex Analytical Department