EURUSD, “Euro vs US Dollar”
In the H4 chart, EURUSD is testing the support level at 1.1432. If the price breaks it, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1360 and 1.1316 respectively. The resistance level is the high at 1.1621.
As we can see in the H1 chart, EURUSD is finishing the short-term correction and about to start a new impulse to the downside. In the nearest future, the price may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1388 and 1.1360 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is completing the short-term correction, which may be followed by a new descending impulse. The next downside targets may be the retracements of 38.2% and 50.0% at 110.77 and 109.58 respectively. The main resistance level is the high at 114.55.
In the H1 chart, the convergence made the pair start a new decline. The possible downside targets are the retracements of 50.0%, 61.8%, and 76.0% at 112.25, 112.10, and 111.93 respectively. The main downside target and the support level are the low at 111.62.
