EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the correctional uptrend is about to finish and may later be followed by a new descending wave. While the first descending wave earlier reached 38.2% fibo, the next one may fall towards 50.0% and 61.8% fibo at 1.1976 and 1.1888 respectively. After the correction is over, the asset may start a new mid-term rising wave to break the high at 1.2350 and then continue growing towards the long-term fractal high at 1.2555.
The H1 chart shows that after breaking 38.2% fibo, the correctional uptrend has failed to reach 50.0% fibo at 1.2202. A local divergence on MACD may hint at a further decline towards the low. If EURUSD breaks the low at 1.2054, the asset may continue trading downwards to reach the mid-term 50.0% fibo at 1.1976.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the pair is still trying to complete the local correction and resume its growth. The closest target of a new rising impulse may be the mid-term 23.6% fibo at 104.74, a breakout of which will lead to a further growth towards 38.2% fibo at 106.07. On the other hand, if the asset breaks the low at 102.59, the instrument may continue falling to reach the fractal low at 101.18.
In the H1 chart, a divergence on MACD made the pair start a new pullback to the downside, which, after breaking 50.0% fibo, has failed to reach 61.8% fibo at 103.28. However, a local divergence on MACD hints at a possible descending impulse that may finally reach the latter level. The resistance is the local high at 104.40.