EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the descending wave in EURUSD has reached the low at 1.1612. If the price breaks this level, the downtrend may continue towards 38.2% and 50.0% fibo at .1520 and 1.1368 respectively. But the current technical picture doesn’t exclude an alternative scenario, which says that after rebounding from the low the asset may form another rising impulse to reach 76.0% fibo at 1.1916, the high at 1.2011, and then the mid-term 76.0% fibo at 1.2094.
The H1 chart shows a convergence on MACD, which may indicate a possible ascending correction. The upside correctional targets may be 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1.1683, 1.1721, 1.1751, and 1.1782 respectively. The support is the low at 1.1622.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after testing the low at 104.00, the previous descending wave has failed to break it. In addition to that, there is a convergence, which implies a new mid-term correctional uptrend to reach 38.2%, 50.0%, and 61.8% fibo at 106.23, 106.92, and 107.61 respectively. If the asset breaks the low, the instrument may fall towards the mid-term 76.0% fibo at 103.70.
The H1 chart shows that a new correction to the upside after a convergence on MACD, which has already reached 38.2% fibo and may continue towards 50.0%, 61.8%, and 76.0% fibo at 105.07, 105.31, and 105,61 respectively, as well as the local high at 106.11. The local support is at 104.02.