EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the asset is quickly correcting to the upside after completing the previous downtrend, which failed to reach 76.0% fibo at 1.1047 due to convergence on MACD. As of now, the first rising impulse has already reached 23.6% fibo. In the nearest future, the pair may form a slight pullback, which may later be followed by a further uptrend towards 38.2% fibo at 1.1590. The support is the low at 1.1120.
The H1 chart shows a more detailed structure of the current descending correction, which may be heading towards 23.6%, 38.2%, and 50.0% fibo at 1.1398, 1.1345, and 1.1302 respectively. A breakout of the resistance at 1.1484 will lead to a further uptrend.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is moving upwards after finishing the previous correctional decline; it has already tested 76.0% fibo and may later continue to break the high at 116.35. After that, the instrument may continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 117.45 and 118.14 respectively. The key support is the low at 113.47.
In the H1 chart, the previous correctional wave has reached 61.8% fibo, while a new wave to the upside is heading to break the local high at 115.68.
