EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the descending wave has made another attempt to test 76.0% fibo. In the nearest future, the pair is expected to start a new rising wave towards 61,8% fibo that was already reached in the past and then 76.0% fibo and the high at 1.1045 and 1.1147 respectively. If the price breaks the high, it may continue the mid-term rising tendency towards 38.2% at 1.1370. The support is the low at 1.0727.
In the H1 chart, the convergence made the pair form a new rising impulse and reach 38.2% fibo; right now, it is correcting downwards but this movement may be over quite soon. In the future, the market may resume growing towards 50.0%, 61.8%, and 76.0% fibo at 1.0893, 1.0923, and 1.0958 respectively. the key upside target is the current local high at 1.1019.
USDJPY, “US Dollar vs. Japanese Yen”
The H4 chart shows the completion of the descending correction. The pair fell to 50.0% but after the convergence, it moved upwards to test the resistance level at 38.2% fibo (107.68). This movement may be considered as the first impulse of a new ascending wave with the target at the high at 111.71. By now, the impulse has reached 23.6% fibo and may later continue moving towards 38.2%, 50.0%, 61.8%, and 76.0% fibo at 108.16, 108.84, 109.51, and 110.33 respectively. The support is the low at 105.97.
As we can see in the H1 chart, after testing the resistance level and rebounding from it, the pair is falling towards 23.6%. Later, the market may consolidate around this level for a while and then resume growing to reach 38.2% fibo at 108.16.
