EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD has rebounded from the retracement of 76.0% at 1.1276. If later the price breaks this level, the instrument may fall to test the low at 1.1215. The key resistance level is at 1.1472.
In the H1 chart, the divergence made EURUSD reverse and start a new ascending correction, which has already reached the retracement of 50.0%. The next upside target of this pullback may be the retracement of 61.8% at 1.1376. However, according to the main scenario the pair is expected to fall towards the local low at 1.1269.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is being corrected and forming another descending impulse to test the support level, which close to the retracement of 23.6% at 112.20. If the price breaks this level, it may continue the correctional downtrend towards the low at 111.37 or even the retracement of 38.2% at 110.76. The key resistance is still at 114.55.
In the H1 chart, the divergence made the pair start a new correctional downtrend, which has already broken the retracement of 76.0% and are getting closer to the low at 112.23. Later, the instrument may break it and continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 111.67 and 111.32 respectively.
