EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is correcting downwards after a divergence on MACD to reach 38.2% and 50.0% fibo at 1.2051 and 1.1985 respectively. After completing the correction, the pair may start a new rising impulse to break the local high at 1.2266 and ten reach the long-term one at 1.2350.
The H1 chart shows a more detailed structure of the current correctional growth after the previous descending impulse, which has reached 23.6% fibo and may later continue towards 38.2% and 50.0% fibo at 1.2141 and 1.2156 respectively. At the same time, a breakout of the local resistance at 1.2218 will complete the descending correction. The support is the local low at 1.2093.
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, after finishing the pullback, USDJPY is growing to break the local high at 110.97 and then reach the long-term one at 111.71. However, a rebound from the high may lead to a new decline towards the support at 107.48.
The H1 chart shows a steady growth towards the local high at 110.33. At the same time, despite a stable uptrend, there is a possibility of a new descending wave after a rebound from the high. The possible downside targets are 38.2% and 50.0% fibo at 108.90 and 108.57 respectively.