EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the previous descending correctional wave has failed to reach 38.2% fibo and, as a result, a new rising wave may update both the short-term and the key (1.2011) highs. After breaking them, the pair may continue growing towards the long-term 76.0% fibo at 1.2094. However, an alternative scenario implies that EURUSD may rebound from the mid-term 61.8% fibo and resume falling to reach 38.2% and 50.0% fibo at 1.1520 and 1.1368 respectively.
The H1 chart shows an impulse to the upside after a convergence. If we consider this impulse to be a part of the ascending correction, then it may later reach 61.8% and 76.0% fibo at 1.1859 and 1.1915 respectively. The key support is low at 1.1612.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is trying to start another ascending wave. At the same time, one shouldn’t exclude a possibility that the price may continue the local correction after a divergence. After the correction is over, the next rising impulse may be heading towards 38.2%, 50.0%, and 61.8% fibo at 106.23, 106.92, and 107.61 respectively. The key support is the low at 104.00.
The H1 chart shows a more detailed structure of the wave to the upside after a convergence. The key upside target will be the high at 106.11. However, if one assumes that the instrument may form one more descending wave, its targets will be at 61.8% and 76.0% fibo at 104.81 and 104.51 respectively.