EURUSD, “Euro vs US Dollar”
In the H4 chart, EURUSD has completed the correctional uptrend close to the retracement of 38.2% and right now is forming a new descending impulse. However, if the price breaks the current high, the uptrend may continue towards the retracement of 50.0% at 1.1858. The support level is the low at 1.1300.
As we can see in the H1 chart, the pair has already reached the retracement of 38.2% and may continue falling towards the retracements of 50.0%, 61.8%, and 76.0% at 1.1518, 1.1466, and 1.1405 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the convergence made USDJPY reverse and start a new correctional uptrend, which is getting closer to the retracement of 61.8% at 111.87 and may continue towards the retracement of 76.0% at 112.35. The resistance level is the high at 113.18, the support one is the low at 109.78.
In the H1 chart, the pair is forming a new ascending impulse, which is getting closer to the retracement of 76.0% at 111.55. After breaking the short-term high at 111.83, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 112.26 and 112.54 respectively.
