EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, the EUR/USD pair has been corrected by 38.2%. The next targets of this correction may be the retracements of 50.0% and 61.8% at 1.1605 and 1.1490 respectively. However, one shouldn’t exclude the scenario, according to which the current descending correction has already finished. If the price forms a new ascending impulse and breaks the high at 1.2092, the instrument may reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2237 and 1.2323 respectively.
At the H1 chart, the pair finished the downtrend by forming the divergence, which may indicate a possible correction to the upside. The targets of this correction may be the retracements of 23.6%, 38.2%, 50.0%, and 61.8% at 1.1786, 1.1828, 1.1862, and 1.1895 respectively.
USD JPY, “US Dollar vs. Japanese Yen”
At the H4 chart, the USD/JPY pair is forming the divergence, which may indicate a possible reverse. This scenario is confirmed by the correction that reached the retracement of 50.0%. The closest downside targets may be the retracements of 23.6%, 38.2%, and 50.0% at 111.77, 110.95, and 110.25 respectively.
As we can see at the H1 chart, the pair is being corrected to the downside and has already reached the retracement of 50.0% at 112.36. The next target is the retracement of 61.8^ at 112.15. after completing the correction, the instrument may start a new ascending impulse and reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 113.67 and 113.93 respectively.
RoboForex Analytical Department