EURUSD, “Euro vs US Dollar”
After the price had updated the key low, there was a convergence on MACD, which made EURUSD start a new ascending impulse. This impulse may be considered as the first wave inside a new uptrend. As we can see in the H4 chart, the wave is trading towards the retracements of 23.6% and 38.2% at 1.1273 and 1.1377 respectively. The support level is the low at 1.1106.
In the H1 chart, after finishing its quick growth, the pair started a new descending correction. The possible targets of this pullback may be the retracements of 38.2%, 50.0%, and 61.8% at 1.1173, 1.1161, and 1.1148 respectively. The resistance level is the local high at 1.1215.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY slowed down its descending impulse. The current market situation indicates a possible correction and a quick decline that may follow it. However, if the price is able to form a rising impulse, its possible targets will be the retracements of 50.0% and 61.8% at 110.71 and 111.10 respectively. However, if the instrument breaks the low at 109.02, it may continue falling to reach the mid-term retracement of 50.0% at 108.45.
In the H1 chart, the convergence made the price start a new rising structure, which has already reached the retracement of 23.6%. Possibly, the pair may continue growing towards the retracements of 38.2% and 50.0% at 109.80 and 109.97 respectively. If the instrument breaks the low 109.27, the mid-term decline may continue.
