EURUSD, “Euro vs US Dollar”
The daily chart of EURUSD shows that the “bearish” phase is escalating. After breaking 61.8% fibo, the asset is heading towards 76.0% fibo at 1.1049. Previous local convergence on MACD resulted in a short-term possible pullback, but that’s all. The key resistance is still the high at 1.2350.
The H1 chart shows convergence on MACD, which may hint at a possible pullback after the pair reaches 76.0% fibo at 1.1049. If it happens, the asset may grow and reach 23.6%, 38.2%, and 50.0% fibo at 1.1201, 1.1296, and 1.1370 respectively. A breakout of the fractal high at 1.1692 will result in a further uptrend towards the long-term high.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY continues trading upwards and has updated the high again. After the pullback is over, the pair may resume growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 115.45 and 115.92 respectively. The key support is at 112.73.
In the H1 chart, the asset may start a new pullback after testing the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 115.45 and 115.92 respectively, which is confirmed by divergence on MACD. The correctional targets are 23.6%, 38.2%, and 50.0% fibo at 115.16, 114.70, and 114.32 respectively.
