EURUSD, “Euro vs US Dollar”
It’s better to analyse the current situation on the daily chart because this timeframe helps to better understand the long- and mid-term market sentiment. As we can see here, after breaking the long-term 76.0% fibo and then failing to reach the fractal high at 1.2555, EURUSD started a new decline after a divergence o MACD, which has already broken 23.6% fibo and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 1.1695, 1.1493, and 1.1292 respectively. The key resistance remains at the high at 1.2350.
The H1 chart shows a short-term scenario. After finishing the correction, the asset has broken 1.1952 and is currently entering the post-correctional extension area between 138.2% and 161.8% fibo at 1.1840 and 1.1773 respectively. However, there is a convergence on MACD, which may indicate a possible pullback with the targets at 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1.1900, 1.1942, 1.1974, and 1.2007 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the stable uptrend continues. After breaking 61.8% fibo, USDJPY is heading towards 76.0% fibo at 109.52. After breaking the latter level, the pair may continue growing to reach the long-term fractal high at 111.71.
In the H1 chart, there is a local divergence, which may hint at a possible pullback with the targets at 23.6, 38.2%, and 50.0% fibo at 108.21, 107.59, and 107.07 respectively. A breakout of the current high at 109.23 may complete the correction.