EURUSD, “Euro vs US Dollar”
On H4, after a short pullback and a thorough test of 61.8%, the quotations went on growing. Another wave of growth is aiming at 76.0% Fibo (1.2095). However, in this uptrend, there is a divergence forming, warning of a possible correctional decline. The nearest goal of the decline might be the local support at 50.0% Fibo (1.1595).
On H1, the correctional decline reached 23.6% Fibo but then the market developed a wave of growth. It has reached above the last high of 1.1966 and is heading for the post-correctional extension range between 138.2-161.8% Fibo (1.2047-1.2097). The local support is at the low of 1.1754.
USDJPY, “US Dollar vs. Japanese Yen”
On H4, the quotations are still correcting after the initial wave of growth. Failing to step over the high and 38.2% Fibo (107.05), the market is forming a sideways correction between the long-term level of 61.8% and short-term level of 38.2% (107.05). If the market manages to develop the impulse of growth, the next move will aim at the breakaway of the high, heading for 50.0% (107.94) and 61.8% (108.83). A breakaway of the fractal support level of 105.18 will open the way to the long-term level of 76.0% (103.70).
On H1, the quotations tested 61.8% for the second time after a wave of growth. The bounce we see is probably a short-term local correction before another decline to 76.0% (104.87), and later to the fractal low of 104.18.
