EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the convergence made EURUSD start a new ascending correction, which reached the retracement of 76.0%, but then the pair reversed downwards. The closest downside target may be the retracement of 50.0% at 1.1402. After reaching the target, the instrument may start a new rising impulse to reach the high at 1.1514 or even maybe 1.1569.
In the H1 chart, EURUSD is trading downwards to reach the retracement of 50.0%, 61.8%, and 76.0% at 1.1402, 1.1375, and 1.1343 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY has been able to form a new rising impulse; right now, the price is testing the high to break it. If it succeeds, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 110.57 and 110.91 respectively. The support is at 109.25.
In the H1 chart, the instrument is forming a local pullback. The possible targets of this pullback may be the retracements of 38.2% and 50.0% at 109.61 and 109.44 respectively.
