EURUSD, “Euro vs US Dollar”
In the H4 chart, EURUSD is trying to fix at the support and start a new rising tendency. One of the ways to describe the current situation is a consolidation range. In case the pair succeeds in starting a new growth, the upside targets may be 38.2% and 50.0% fibo at 1.1370 and 1.1595 respectively. However, if the instrument isn’t strong enough to grow, it may plunge to break the low at 1.0635 and then continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo between 1.0505 and 1.0334 respectively.
As we can see in the H1 chart, the convergence forced the pair to stop at 50.0% and start a new decline, which may transform into a reversal. If the price fails to reverse and break the low at 1.0768, the instrument may resume growing towards 61.8% and 76.0% fibo at 1.1002 and 1.1055 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after completing the pullback, USDJPY is trying to start a new descending wave. The downside targets may be 50.0%, 61.8%, and 76.0% fibo at 106.44, 105.20, and 103.70 respectively or the low at 101.18. The resistance remains at the high at 111.71.
In the H1 chart, the descending wave is approaching the local low at 106.91. if the price breaks it, the instrument may continue falling to reach its mid-term target at 50.0% fibo (106.44).
