EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the convergence on MACD made EURUSD start a new rising correction, which has failed to reach the retracement of 38.2% at 1.1314 on the first try. After finishing the short-term pullback, the instrument may try to resume its growth and reach the retracements of 50.0% and 61.8% at 1.1374 and 1.1407 respectively. The support level is the low at 1.1234.
In the H1 chart, EURUSD is trading downwards. After reaching the retracement of 38.2%, the price may continue falling towards the retracement of 50.0% at 1.1284 and then start a new rising impulse to reach the high at 1.1334.
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, USDJPY is still trading upwards. At the same time, there is a divergence on MACD, which may indicate a new correction to the downside. However, after breaking the high at 111.13, the pair may grow to reach the retracement of 76.0% at 111.50. But if the falls and breaks the retracement of 61.8%, the mid-term bearish trend will continue. In this case, the downside targets may be the retracements of 23.6% and 38.2% at 109.57 and 108.60 respectively.
As we can see in the H1 chart, the pair has been corrected to the downside by 50.0%. The short-term and mid-term support levels are almost in the same spot, at 110.19.
