EURUSD, “Euro vs US Dollar”
In the H4 chart, the ascending correction has already reached the retracement of 50.0%; the current decline may be considered as a short-term pullback. After the pullback, the price is expected to form another impulse to the upside towards the retracement of 61.8% at 1.1585. The support level is at 1.1357.
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 1.1440 and 1.1409 respectively. If the price breaks the resistance at 1.1570, 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 106.80.
In the H1 chart, the pair is trading sideways and has already been corrected by 23.6%. The upside target is the high at 109.09. If the price breaks it, the instrument will continue trading to reach its mid-term targets.
