EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the descending correction is getting closer to the retracement of 61.8% at 1.1350. The next downside target may be the retracement of 76.0 at 1.1300. At the same time, the key downside target is the low at 1.1215. The local resistance level is at 1.1435, the key one – 1.1570.
In the H1 chart, EURUSD is trading downwards. At the same time, there is a convergence on MACD, which may indicate a possible pullback after the price reaches the retracement of 76.0% at 1.1300.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY has been corrected to the upside by 50.0%. In the nearest future, the price is expected to start a new pullback towards the support at 108.22. The next upside targets may be the retracements of 61.8% and 76.0% at 110.50 and 111.85 respectively.
In the H1 chart, after reaching the post-correctional extension area between the retracements of 138.2% and 161.8%, the pair started a new pullback towards the local support at 109.09.
