EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the asset is correcting upwards after a convergence on MACD. After reaching 38.2% fibo, EURUSD is consolidating. In this case, the asset is expected to continue growing towards 50.0% and 61.8% fibo at 1.1974 and 1.2037 respectively. After the correction is over, the instrument may start a new decline to break the low at 1.1704 and then the mid-term 38.2% fibo at 1.1695.
In the H1 chart, the pair is consolidating and correcting downwards. It has already tested 23.6% fibo twice but a divergence on MACD may indicate that the short-term correctional decline may yet continue. The next downside targets may be 38.2% and 50.0% fibo at 1.1842 and 1.1815 respectively. A breakout of the local high at 1.1927 will result in a further ascending correction.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the correctional descending wave has tested 23.6% fibo after a divergence on MACD, which resulted in a rebound. Such a rebound may lead to a new rising wave towards the high at 110.97, a breakout of which may result in a further uptrend to reach the long-term fractal high at 111.71. However, if the asset fails to break the high, the market may start a new decline towards 38.2% and 50.0% fibo at 107.77 and 106.78 respectively.
The H1 chart shows a more detailed structure of the current ascending movement after a convergence on MACD. By now, the pair has already reached 38.2% fibo and may later continue rising towards 50.0%, 61.8%, and 76.0% fibo at 109.98, 110.22, and 110.50 respectively. The key support is the low at 109.00.
