EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the convergence on MACD made EURUSD start a new descending correction, which has already reached the retracement of 50.0%. The next targets may be the retracements of 61.8% and 76.0% at 1.1305 and 1.1278 respectively. The key support level is the low at 1.1234.
In the H1 chart, after reaching the retracement of 61.8% at 1.1305, EURUSD started a new short-term pullback.
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is trading upwards and getting closer to the retracement of 76.0% at 112.14. After breaking it, the price may continue growing towards the post-correctional retracement of 261.8% at 112.65. The support level is at 110.72. At the same time, there is a divergence on MACD.
As we can see in the H1 chart, the pair has been corrected to the downside by 23.6%. The next targets may be the retracements of 38.2% and 50.0% at 111.53 and 111.376 respectively. The resistance level is the high at 112.07.
