EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is trading upwards and correcting the previous descending wave. The pair is heading closer to 38.2% fibo at 1.1376. The next upside target may be 50.0% fibo at 1.1461. The support is the low at 1.1106.
In the H1 chart, the divergence made the pair start a new correction, which has already reached 23.6% fibo. The next downside targets may be 38.2% and 50.0% fibo at 1.1256 and 1.1227 respectively. If the price breaks the local resistance at 1.1348, the instrument may continue trading upwards.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the descending tendency continues. USDJPY is testing 50.0% fibo. At the same time, there is a convergence on MACD, which may indicate a new pullback. The next downside targets may be 618% and 76.0% fibo at 107.53 and 106.41 respectively. The current resistance at 38.2% at 109.38.
In the H1 chart, the convergence made USDJPY start a new ascending tendency, which has already reached 38.2% fibo. The next upside targets may be 50.0% and 61.8% fibo at 108.87 and 109.12 respectively. If the price breaks support at 107.81, the instrument may continue its long-term downtrend.
