EURUSD, “Euro vs US Dollar”
After a significant correction to the downside, EURUSD is forming a new ascending impulse. As we can see in the H4 chart, the pair is getting closer to the long-term retracement of 23.6% at 1.1273, which means that it is starting a mid-term correction. Then next upside target may be the retracement of 38.2% at 1.1377. The support level is the low at 1.1106.
In the H1 chart, the pair is entering the post-correctional extension area between the retracements of 138.2% and 161.8% with the mid-term retracement of 23.6% at 1.1273 inside it. After reaching its short term upside target, the instrument may start a new pullback towards the local support at 1.1215.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the descending tendency continues. USDJPY is getting closer to the retracement of 61.8% at 107.53. After that, the pair may reach the retracement of 76.0% at 106.41. At the same time, there is a convergence on MACD, which may indicate a new pullback after the price reaches one of its targets. The resistance is the retracement of 38.2% at 109.38.
In the H1 chart, USDJPY is getting closer to the retracement of 61.8% at 107.53. At the same time, there is a local convergence on MACD, which may indicate a local pullback towards the retracement of 50.0% at 108.46.
