EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is forming a new descending wave, which is getting closer to the low at 1.1176. If the price breaks it, the instrument may continue trading downwards to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1072 and 1.1008 respectively.
In the H1 chart, the downtrend continues; it has almost reached the support level. At the same time, there is a convergence on MACD, which may indicate a new pullback after the price reaches the low.
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is forming a new ascending impulse, which is getting closer to the retracement of 76.0% at 111.56. The next target may be the mid-term high at 112.13. If the price breaks it, the instrument may continue trading upwards to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 113.07 and 113.64 respectively. The support level is at 109.71.
As we can see in the H1 chart, the pair is getting closer to the retracement of 76.0% and may later reach the high. There is a divergence on the Oscillator, which may indicate a possible correction with the target at the retracement of 50.0% at 110.92.
