EUR USD, “Euro vs. US Dollar”
At the H4 chart, the EUR/USD pair is getting closer to the upside border of the consolidation channel at the 5/8 level at 1.2023. If later the price breaks this level, it may continue growing towards the 8/8 one at 1.2207.
As we can see at the H1 chart, the pair has fixed above the 5/8 at 1.1993 and, as a result, may continue moving upwards to reach the resistance at the 8/8 one at 1.2085. Later, is expected to break it and then grow towards 1.2207. Also, there is one more possible scenario, according to which the instrument may test the 5/8 level once again, rebound from it, and then resume moving upwards.
USD JPY, “US Dollar vs. Japanese Yen”
At the H4 chart, the USD/JPY pair is expected to test the resistance at the 8/8 level at 112.50, rebound from it, and then resume falling towards the 5/8 one at 110.15.
The levels at the H4 and H1 charts are completely the same and the future scenario is pretty similar. However, there is one more possible scenario, which implies that the price may start falling without testing the 8/8 level at 112.50.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.