EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is still consolidating and correcting the previous descending wave; the correctional wave has already tested 38.2% fibo twice after convergence on MACD. The current technical picture implies two possible scenarios – a new rising impulse towards 50.0% and 61.8% fibo at 1.1439 and 1.1500 respectively, and, a more likely scenario, a further downtrend to reach and break the low at 1.1186. The key resistance is at 1.1692.
The H1 chart shows that the asset is falling after testing 38.2% fibo and divergence on MACD; by now, it has already reached 50.0% fibo. In the future, the pair may continue its decline towards 61.8% and 76.0% fibo at 1.1263 and 1.1234 respectively. The local resistance is the high at 1.1383.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after breaking the high at 115.52, USDJPY continues forming the rising impulse to reach the post-correctional extension area between 138.2% and 161.8% fibo at 116.66 and 117.36 respectively. The support is the low at 112.53.
In the H1 chart, a breakout of the high was followed by divergence on MACD. In this case, the asset is expected to correct towards 115.52.
