EURUSD, “Euro vs US Dollar”
In the H4 chart, EURUSD is forming a new correction to the upside towards the retracement of 23.6% at 1.1580. The next upside target may be the retracement of 38.2% at 1.1750. The support level is the low at 1.1300.
As we can see in the H1 chart, the pair has been corrected upwards by 50.0%. In the nearest future, the instrument may continue falling towards the retracements of 23.6%, 38.2%, and 50.0% at 1.1485, 1.1450, and 1.1421 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the divergence made USDJPY reverse and start a new correctional downtrend, which has already reached the retracement of 38.2% and may continue towards the retracements of 50.0% and 61.8% at 108.90 and 107.89 respectively. The resistance level is the high at 113.17. At the same time, one can see the convergence being formed, which may indicate a possible pullback in the future.
In the H1 chart, the convergence is being formed, which may indicate a new pullback towards the retracements of 23.6%, 38.2%, and 50.0% at 110.33, 110.69, and 110.97 respectively.
