EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, the descending correction has already reached the retracement of 50.0%. The next targets of the correction may be the retracements of 61.8% and 76.0% at 1.1709 and 1.1652 respectively. However, before this the price has to complete a short-term correction to the upside.
At the H1 chart, the EUR/UISD pair may continue the correction, which has already reached the retracement of 38.2%. The next targets are the retracements of 50.0% and 61.8% at 1.1832 and 1.1856 respectively.
USD JPY, “US Dollar vs. Japanese Yen”
At the H4 chart, the USD/JPY pair reached the post-correctional extension area between the retracements of 138.2% and 161.8% and started a new correction, which has already reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2%, 50.0% and 61.8% at 113.03, 112.83, and 112.63 respectively.
At the H1 chart, the situation is similar and confirms the scenario described above.
RoboForex Analytical Department