EURUSD, “Euro vs US Dollar”
In the H4 chart, EURUSD is still being corrected to the upside towards the retracement of 38.2% at 1.1750. The next upside target may be the retracement of 50.0% at 1.1888. The support level is the low at 1.1300.
As we can see in the H1 chart, the divergence is being formed, which may indicate a new pullback after the price reaches the target at 1.1750. The targets of this pullback maybe the retracements of 23.6%, 38.2%, and 50.0% at 1.1644, 1.1578, and 1.1526 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the convergence made USDJPY reverse and start a new correctional uptrend, which has already reached the retracement of 50.0% and may continue towards the retracements of 61.8% and 76.0% at 111.87 and 112.35 respectively. However, if the price breaks the low at 109.77, the mid-term correction may continue towards the retracement of 50.0% at 108.90.
In the H1 chart, after finishing the ascending impulse, the pair started a new correction to the downside, which has already reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 110.75 and 110.57 respectively.
