EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, the EUR/USD pair is still being corrected to the upside and has already reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 1.1717 and 1.1755 respectively. We should note that the downtrend may yet continue; its closest target may be the retracement of 38.2% at 1.1510, but only after the pair breaks the local low at 1.1553.
At the H1 chart, the short-term uptrend continues towards 1.1717. The pair has already reached the post-correctional extension area between the retracements of 138.2% and 161.8%. At the same time, the divergence that is being formed may indicate a possible pullback towards the retracement 50.0% at 1.1634.
USD JPY, “US Dollar vs. Japanese Yen”
As we can see at the H4 chart, the USD/JPY pair has started a new correction, which has already reached the retracement of 50.0%. The current movement may be described as the start of a new ascending impulse. The closest targets may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 115.34 and 115.75 respectively. In the nearest future, the upside targets may be the retracements of 61.8% and 76.0% at 114.11 and 114.33 respectively. A further mid-term decline is also possible. Its target may be at 112.83.
At the H1 chart, the situation is similar and confirms the scenario described above.
RoboForex Analytical Department