EURUSD, “Euro vs US Dollar”
As we can see in the daily chart, EURUSD is consolidating not far from the long-term 38.2% fibo. Possibly, the pair may break this consolidation range to the upside and start a new ascending impulse. After breaking the fractal high at 1.1495, the instrument may reach the long-term 50.0% and 61.8% fibo at 1.1595 and 1.1820 respectively. The key support is the low at 1.0635.
The H4 chart shows a sideways correction between 38.2% fibo and the high at 1.1422. However, as long as the price is moving below the high, the pair may yet form a new descending impulse. The next downside targets may be 50.0% and 61.8% fibo at 1.1094 and 1.1017 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after the first correctional wave to the upside towards 50.0% fibo, USDJPY is forming a new pullback. After completing the pullback, the pair may resume trading upwards to reach 61.8% and 76.0% fibo at 108.41 and 108.95 respectively. If the price continues growing and beaks the local high at 109.85, the instrument may start a new long-term rising wave. The key support is the low at 106.07.
The H1 chart shows a more detailed structure of the current pullback, which has almost reached 50.0% fibo at 107.12 but failed to test it. At the same time, there might be a convergence on MACD to indicate a new rising impulse towards 108.16.
