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GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after being corrected by 76.0%, GBPUSD started a new pullback. The main upside target is the current high at 1.3298. If the price breaks the high, the pair may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3440 and 1.3533 respectively. The support level is at 1.2922.
In the H1 chart, after reaching the retracement of 50.0%, the pair started a new correction. If the price breaks the high at 1.3258, it may continue trading upwards. However, in case the pair start a new descending correction, its targets will be the retracements of 61.8% and 76.0% at 1.3052 and 1.3003 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after the price reached the retracement of 50.0%, the convergence made EURJPY start a short-term correction, which has already reached the retracement of 23.6%. The next possible targets are the retracements of 38.2%, 50.0%, and 61.8% at 130.64, 131.1, and 131.59 respectively. However, if the pair breaks the low at 129.12, the mid-term downtrend may continue towards the retracements of 50.0% and 61.8% at 129.02 and 128.04 respectively.
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The H1 chart shows more detailed structure of the current correction.
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.