EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the convergence made EURUSD start a new correctional uptrend, which has already reached the retracement of 23.6%. The next possible upside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1.1499, 1.1559, and 1.1619 respectively. The support level is the low at 1.1302.
In the H1 chart, EURUSD has finished the short-term pullback and right now is forming a new rising impulse. If the price breaks the high at 1.1455, the instrument may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1494 and 1.1591 respectively. The local support is at 1.1353.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the uptrend has reached the retracement of 61.8%. The next upside target may be the retracement of 76.0% at 113.79. However, the key target is the high at 114.55. The support level is at 112.58.
In the H1 chart, the pair is being corrected upwards. However, there is a divergence, which may indicate a possible short-term pullback to the downside in the nearest future.
