EURUSD, “Euro vs US Dollar”
The H4 chart shows that after completing a slight short-term pullback, EURUSD is forming a new rising impulse towards the long-term high at 1.2350. At the same time, there is a divergence on MACD, which may indicate a rebound from the local high and a new descending wave to reach the local support at 61.8% fibo (1.2103).
In the H1 chart, the price is moving upwards to reach the local high at 1.2266. The chart also shows the correctional targets after a divergence on MACD – 38.2% and 50.0% fibo at 1.2051 and 1.1985 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, the pair has finally decided on the direction – right now, it is moving upwards to reach the local high at 110.97, a breakout of which will lead to a further uptrend towards the long-term high at 111.71. However, there is a divergence on MACD, which may result in a rebound and a new wave to the downside to reach 50.0% fibo at 106.78.
As we can see in the H1 chart, the asset is correcting downwards after a divergence on MACD, By now, has already tested 50.0% fibo and may continue falling towards 61.8% fibo at 109.19. The resistance is the local high at 110.20.