EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, after breaking the previous low, EURUSD has started a short-term pullback. The pair may start a new descending impulse after it breaks the current low at 1.1110. The downside targets are inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1067 and 1.1002 respectively. The key resistance level is at 1.1324.
In the H1 chart, the convergence made the pair start a new correctional uptrend, which has already reached the retracement of 38.2%. The next upside targets are the retracements of 50.0%, 61.8%, and 76.0% at 1.1217, 1.1242, and 1.1272 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the divergence made USDJPY start a new decline. After completing this descending correction, the pair may resume growing to break the high at 112.40 and then continue its growth towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 113.06 and 113.63 respectively.
In the H1 chart, the correctional downtrend has reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 111.21 and 110.92 respectively.
