Article By RoboForex.com
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the divergence made the pair stop at 61.8% fibo and start a new decline, which is getting closer to the key correctional target at 50.0% fibo (1.1595). After completing the correction, EURUSD may resume trading upwards to reach 76.0% fibo at 1.2095.
The H1 chart shows a more detailed structure of the current correctional downtrend, which has already reached 23.6% fibo and may continue towards 38.2% and 50.0% fibo at 1.1637 and 1.1551 respectively. However, if the price breaks the high at 1.1916, the correction will be over.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after reaching 61.8% fibo, the downtrend was stopped by the convergence on MACD, that’s why USDJPY is currently correcting upwards and has already reached 38.2% fibo and may later continue towards 50.0%, 61.8%, and 76.0% fibo at 107.02, 107.68, and 108.50 respectively. The key upside target is the fractal high at 109.85.
The H1 chart shows that after finishing the correctional decline towards 50.0% fibo, the pair is starting a new rising movement. Later, the price may break the high at 106.47 and then continue growing to reach 50.0% fibo at 107.02. The support is the fractal low at 104.18.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024
- QCOM wants to create competition in the AI chip market. Hong Kong index hits five-month high Apr 25, 2024
- Japanese yen hits all-time low as BoJ meeting commences Apr 25, 2024
- TSLA shares rose on a weak report. Inflationary pressures are easing in Australia Apr 24, 2024
- USDJPY: On intervention watch Apr 24, 2024
- Euro gains against the dollar amid mixed economic signals Apr 24, 2024
- PMI data is the focus of investors’ attention today. Turkey, Iraq, Qatar, and UAE signed a transportation agreement Apr 23, 2024
- Australian dollar rises on strong economic indicators Apr 23, 2024
- Geopolitical risks in the Middle East are declining. China kept interest rates at lows Apr 22, 2024
- Brent crude dips to four-week low amid easing geopolitical tensions Apr 22, 2024