EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is slowing down the current descending wave inside the mid-term correction. A new ascending impulse may be heading towards the high at 1.1472. The key correctional targets will be the retracements of 50.0% and 61.8% at 1.1516 and 1.1587 respectively. However, one shouldn’t exclude another possible plunge. If the price breaks the low at 1.1216, the instrument will continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1118 and 1.1058 respectively.
In the H1 chart, EURUSD is testing the retracement of 50.0%. Later, the price is expected to resume falling towards 1.1314. At the same time, there is a convergence on MACD, which may indicate a new rising impulse to reach the high at 1.1475.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after being corrected by 61.8%, USDJPY started a new ascending impulse. The upside targets may be at 114.20 and 114.55. The support level is at 112.79.
In the H1 chart, the pair is testing the retracement of 61.8%. Possibly, the price may break it and continue growing towards the retracement of 50.0% at 113.75. The local support is at 113.03.
