EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the mid-term ascending correction continues. The possible targets are the retracements of 50.0% and 61.8% at 1.1515 and 1.1586 respectively. The key support level is at 1.1215. At the same time, there is a divergence on MACD.
In the H1 chart, the divergence made EURUSD start another descending correction towards the retracement of 61.8% at 1.1353, which was later followed by a new impulse to the upside. The closest target of this impulse is the high at 1.1486. If the price breaks this level, the instrument may continue growing. However, one shouldn’t exclude a possibility of a new descending wave. The possible downside targets may be the retracement of 76.0% at 1.1322 and the low at 1.1270.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is being corrected to the downside; it has already broken the retracement of 38.2% and may continue towards the retracements of 50.0% and 61.8% at 109.58 and 108.42 respectively. The key resistance is still at 114.55.
In the H1 chart, the downtrend continues and there is a convergence on MACD. After reaching the retracement of 50.0% at 109.58, the instrument may start a new pullback towards the retracement of 38.2% at 110.76.
