EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the correctional uptrend has reached 50.0% fibo. Right now, the price is forming a short-term descending correction. The local support is 23.6% fibo at 1.0966. After finishing the correction, EURUSD may start a new rising impulse to reach 61.8% fibo at 1.1108.
Looking at the H1 chart, we can see that the divergence made EURUSD start a new correctional decline, which has already reached 23.6% fibo. Later, the instrument may continue falling towards 38.2% and 50.0% fibo at 1.0993 and 1.0971 respectively. The resistance is the high at 1.1063.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY has tested both the high and 50.0% fibo. In the short-term, the pair may form a slight pullback. After completing it, the price may continue growing towards 61.8% fibo at 109.37, which is inside the post-correctional extension area between 138.2% and 161.8% fibo at 109.23 and 109.70 respectively. The support is at 106.48.
In the H1 chart, the price is forming a new descending pullback and has already reached 23.6% fibo. The next downside targets may be 38.2% and 50.0% fibo at 107.81 and 107.56 respectively. The resistance is the high at 108.63.
