EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, after rebounding from 38.2% fibo, EURUSD is trading upwards; the upside target is the local high at 1.1422. After breaking the high, the instrument may reach the fractal high at 1.1495. However, one shouldn’t exclude a rebound from the high. In this case, the pair may start a new descending wave to reach 50.0% and 61.8% fibo at 1.1094 and 1.1016 respectively.
The H1 chart shows a more detailed structure of the current uptrend. The price highs are rising, while the MACD histogram highs are falling, thus indicating a divergence and slowdown of the current tendency. After rebounding from the high, the pair may start a new pullback to test the previously-reached levels: 23.6% and 38.2% fibo at 1.1267 and 1.1171 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after the first correctional wave to the upside towards 50.0% fibo, USDJPY is completing the pullback. Later, the pair may resume trading upwards to reach 61.8% and 76.0% fibo at 108.41 and 108.95 respectively. If the price continues growing and breaks the local high at 109.85, the instrument may start a new long-term rising wave. The key support is the low at 106.07.
The H1 chart shows a correctional decline after the rising wave and the divergence, which has almost reached 76.0% fibo at 106.57 but failed to test it. At the same time, the pair is back to 38.2% fibo, thus confirming that the instrument is about to finish its descending movement and start a new rising impulse towards the local high at 108.16.