EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, a new descending impulse has once again tested the retracement of 76.0% and broken it. Right now, EURUSD is trading towards the low at 1.1215, where it may start a short-term pullback. The key resistance level is the retracement of 50.0% at 1.1393.
На In the H1 chart, EURUSD is trading downwards and there is a convergence on MACD, which may indicate a possible correction. The targets are the retracement of 23.6%, 38.2%, and 50.0% at 1.1325, 1.1362, and 1.1393 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY has been able to break the high and form a new rising impulse. Right now, the price is trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 110.57 and 110.92 respectively. The support is at 110.00.
The H1 chart shows more detailed structure of the current uptrend. The instrument is entering the post-correctional extension area between the retracements of 138.2% and 161.8% at 110.57 and 110.92 respectively. At the same time, there is a divergence on MACD.
