EURUSD, “Euro vs US Dollar”
The H4 chart shows another rising impulse within the descending correction that earlier tested the local support at 61.8% fibo (1.2103). The current rising impulse might as well transform into a proper wave to reach the long-term high at 1.2350. At the same time, there is a divergence on MACD, which may indicate that the descending correction is not over yet and may continue down to the previously broken 50.0% fibo.
The H1 chart shows a more detailed structure of the current growth, which should be considered as a pullback after the previous descending wave. By now, it has reached 61.8% fibo and may later continue towards 76.0% fibo at 1.2218. After completing the pullback, the asset may start a new decline to break the low at 1.2104 and then reach the mid-term 38.2% fibo at 1.2051. The key resistance is at 1.2266.
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, the pair is steadily growing towards the local high at 110.97. Still, a local divergence on MACD made the pair fall and this decline may transform into a new descending wave to reach the mid-term 50.0% fibo at 106.78. On the other hand, a breakout of the local high will lead to a further uptrend towards the long-term high at 111.71.
The H1 chart shows the possible downside targets. The asset has already reached 38.2% fibo and may later continue falling towards 50.0%, 61.8%, and 76.0% fibo at 108.90, 108.57, and 108.17 respectively. The resistance is the local high at 110.33.
