EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is forming a descending tendency towards the long-term low at 1.0879. If the price breaks it, the pair may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.0742 and 1.0658 respectively. however, before breaking the low, the instrument is expected to form a pullback. The resistance is at 61.8% fibo (1.1070).
The H1 chart shows more detailed structure of a possible correction after the price tests the low at 1.0879. The targets of this pullback may be 23.6%, 38.2%, and 50.0% fibo at 1.0930, 1.0962, and 1.0988 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the daily chart, nothing has really changed since last week. The rising impulse is heading towards the high at 110.29 and the long-term target, which is at 76.0% fibo (110.49). If the latter level is broken, the next upside targets may be inside the post-correctional extension area between 138.2 and 161.8% fibo at 111.04 and 111.50 respectively.
The H1 chart shows a short-term correction after the divergence. After reaching 23.6% fibo, the pair is again growing towards the local high at 110.02. if the price rebounds from it, the instrument may resume falling towards 38.2% fibo at 109.36.