EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD has started a new descending impulse, which is trading to update the low and continue the long-term downtrend. After breaking the low at 1.1510, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1380 and 1.1300 respectively. The resistance level is at 1.1852.
In the H1 chart, the pair is being corrected to the upside and has already reached the retracement of 23.6%. The next possible targets may be the retracements of 32.8% and 50.0% at 1.1661 and 1.1699 respectively. However, if the price breaks the low at 1.1543, the downtrend may continue much deeper.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the divergence made USDJPY reverse and started a new downtrend, which has already reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 109.50 and 109.18 respectively. The resistance is the high at 110.90.
The H1 chart shows more detailed structure of the current movement.
