EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, after breaking 38.2% fibo, EURUSD is moving towards 50.0% fibo at 1.1461. At the same time, there is divergence on MACD, which indicates a slowdown in the uptrend and a new mid-term descending impulse after the price reaches its upside targets. The support is at 23.6% fibo at 1.1274.
In the H1 chart, the pair is also trading upwards along with a local divergence on MACD, which may indicate a signal to reverse. The local support is 38.2% fibo at 1.1377.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is no longer trading sideways; after breaking 61.8% fibo, the pair is trading towards 76.0% at 106.41. At the same time, there is a convergence on MACD, which indicates a new pullback soon with the target at the resistance 108.45.
In the H1 chart, the pair is forming a descending impulse to reach 76.0 fibo at 106.41. However, there is a local convergence on MACD, which may indicate a trend reverse.
