EURUSD, “Euro vs US Dollar”
The current situation in EURUSD requires us to analyze both mid- and long-term scenarios on the daily chart. As we can see, after the convergence on MACD the pair has tested 23.6% fibo, as well as the fractal high, thus indicating a possible ascending movement towards 38.2%, 50.0%, and 61.8% fibo at 1.1370, 1.1595, and 1.1819 respectively. The key support is the low at 1.0635.
In the H4 chart, the pair is correcting upwards and has almost reached 61.8% fibo at 1.1166. The price is in no hurry to break it and move towards 76.0% fibo at 1.1287. A more probable scenario implies a pullback to reach the support at 1.0964.
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, after the divergence, the pair has reached 38.2% fibo at 108.16; right now, it is moving sideways. The most probable scenario suggests that the price may break the high and reach 38.2% fibo. After that, the instrument may continue trading upwards towards the next targets at 50.0%, 61.8%, and 76.0% fibo at 108.84, 109.52, and 110.33 respectively. The support is the local low at 105.97.
As we can see in the H1 chart, the divergence made the pair start a new correction. The price couldn’t break 38.2% fibo for a long time but after finally breaking this level, it has failed to reach 50.0% fibo at 107.03. At the moment, the instrument is heading back towards the high at 108.09.