Article By RoboForex.com
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotations tried to reach 50.0% (1.2856) Fibo and pulled back to 38.2%, which may be interpreted as the beginning of a short-term correction. The main resistance level is at 23.6% (1.3203). After the correction, we should expect a new wave of declining to 50.0% (1.2856) and 61.8% (1.2700).
On H1, a local correctional flat is forming around 38.2% Fibo. After the end of the local correction, we should expect a new impulse of growth to 38.2% (1.3116). The support is at the low of 1.2871.
EURJPY, “Euro vs. Japanese Yen”
On H4, the quotations have reached 61.8% Fibo but they are aimed at declining to 76.0% (117.55) and the low of 115.86. With the development of the downtrend, we should note a convergence forming on the MACD, warning us of a pullback approaching. The resistance is now at 38.2% (120.18).
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On H1, we can see the EURJPY quotations test 61.8% in more detail. A local convergence hints on an upcoming pullback.
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.
