EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the downtrend continues, but right now EURUSD is being corrected. After a pullback towards the retracement of 38.2%, the price has tested the low at 1.1508. After breaking the low, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1380 and 1.1296 respectively. However, one should exclude a possibility that the correction may yet continue to reach the retracements of 50.0% and 61.8% at 1.1958 and 1.2066 respectively.
In the H1 chart, the pair is being corrected to the upside and has already reached the retracement of 61.8%. The next possible target may be the retracement of 76.0% at 1.1768.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is being corrected downwards and has already reached the retracement of 50.0%. The next targets may be the retracements of 61.8% and 76.0% at 109.16 and 108.78 respectively. The resistance level is the high at 110.90.
In the H1 chart, the convergence is being formed. The pair is being corrected upwards. The closest targets of this correction may be the retracements of 50.0% and 61.8% at 110.07 and 110.23 respectively.
