EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, after plummeting and testing the low, EURUSD has started a new ascending correction. The resistance level is at 1.1350. In the future, the instrument may complete the pullback and resume trading downwards to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1080 and 1.0996 respectively.
In the H1 chart, the correctional uptrend continues; it has already reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 1.1292 and 1.1319 respectively. After breaking the support at 1.1176, EURUSD will continue falling.
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, the divergence made USDJPY start trading downwards. The downside targets are the retracements of 23.6%, 38.2%, and 50.0% at 110.33, 109.22, and 108.33 respectively. The resistance level is the high at 112.13.
As we can see in the H1 chart, the pair is being corrected to the upside; it has already reached the retracement of 50.0%. The next target may be the retracement of 61.8% at 111.61. The support level is the low at 110.76.
