EURUSD, “Euro vs US Dollar”
In the H4 chart, the mid-term ascending correction continues. The possible targets are the retracements of 50.0% and 61.8% at 1.1515 and 1.1586 respectively. The local support level is at 1.1357. At the same time, there is a divergence on MACD.
As we can see in the H1 chart, EURUSD is forming another short-term descending impulse, which has already reached the retracement of 38.2%. The next possible targets are the retracement of 50.0% and 61.8% at 1.1415 and 1.1399 respectively. If the price breaks the high at 1.1484, the instrument may continue growing to reach its mid-term targets.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is being corrected to the upside; it has already broken the retracement of 38.2% and may continue towards the retracements of 50.0% and 61.8% at 109.36 and 110.50 respectively. The key support is at 106.79.
The H1 chart shows more detailed structure of the current correctional uptrend.
