EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, the EUR/USD pair is still being corrected to the downside. The closest target of this correction is the retracement of 23.6% at 1.1730. the main resistance level is at 1.2092. if the price breaks this level, the instrument may continue growing inside the uptrend towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2184 and 1.2243 respectively.
At the H1 chart, the pair already has been corrected by 61.8%. The next target of this ascending correction may be the retracement of 76.0% at 1.2013.
USD JPY, “US Dollar vs. Japanese Yen”
As we can see at the H4 chart, the previous downtrend has been corrected by 50.0%. At the moment, the USD/JPY pair is trading towards the next target at the retracements of 61.8% and 76.05% at 111.75 and 112.76 respectively.
At the H1 chart, the previous ascending impulse has been corrected by 38.2% and right now the price is still moving upwards. The targets of this growth may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 111.60 and 111.96 respectively. However, the pair is forming the divergence, which may indicate a reverse after the price reaches its targets.
RoboForex Analytical Department