EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the convergence made the pair stop falling and start a new rising wave, but investors seem to be afraid or insecure of growth prospects and want to wait for some catalysts like statistics or news, that’s why the price was correcting to the downside after growing a little bit. Judging by the current price movement, EURUSD may yet resume trading upwards. A new rising wave will head towards 61.8% and 76.0% fibo at 1.1208 and 1.1248 respectively.
In the H1 chart, the divergence on MACD made the pair start a new descending correction, which has reached 50.0% fibo. In the nearest future, the price may form a slight pullback, which may later be followed by a further decline to reach 61.8% and 76.0% fibo at 1.1032 and 1.1013 respectively. The key support is the low at 1.0981.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the first descending wave has slowed down the current downtrend at 23.6% fibo. Possibly, it’s a short-term correction, which may later be followed by a further decline towards 38.2% and 50.0% fibo at 107.71 and 107.09 respectively. At the same time, one shouldn’t exclude the possibility of a new rising impulse towards the high at 109.73. If later the price breaks this level, USDJPY may continue moving upwards to reach 76.0% mid-term fibo at 110.49.
In the H1 chart, the pullback has reached 38.2% fibo; right now, the pair is testing the low at 108.43. if the price rebounds from it, the pair may start a new ascending wave to reach 50.0% fibo at 109.08. otherwise, the instrument may continue the downtrend.