EURUSD, "Euro vs US Dollar"
On D1, there is a declining bearish wave developing after a divergence. The nearest important goal of the decline is 38.2% (1.1695) Fibo. After this level is reached, the decline might continue to 50.0% (1.1495) and 61.8% (1.1290); then, however, we should expect a reversal and growth to the resistance level of 1.2350.
On H1, the wave of correctional growth stopped near 23.6% but failed to reach 38.2% Fibo. Upon testing the area around 23.6% thoroughly and forming a resistance level at 1.1909, the market formed a wave of decline, breaking through the last low. Further decline is heading for the post-correctional extension area of 138.2-161.8% (1.1693-1.1655).
USDJPY, "US Dollar vs Japanese Yen"
On H4, there is a wave of growth developing after a declining wave and a convergence on the MACD. Current growth should be regarded as a correction, yet there is a possibility of growth towards the high of 111.66. When the growth is over, we expect a new wave of decline to under 108.72 to form. After such a breakaway the quotations might head for the medium-term target level of 38.2% (108.20) Fibo.
On H1, a phase of ascending correction can be seen in detail. The quotations have come over 50.0% and are heading for 61.8% (110.53). After it is broken away, they might even rise to 76.0% (110.95) Fibo. In the meantime, a divergence forming might mean a soon end of the correction.
