EURUSD, “Euro vs US Dollar”
As we can see in the daily chart, the asset continues the “bearish” phase after a divergence on MACD. After falling and reaching 23.6% fibo, the pair has started a new pullback, which may be over quite soon. In this case, EURUSD may resume falling towards 38.2%, 50.0%, and 61.8% fibo at 1.1695, 1.1493, and 1.1292 respectively. The key resistance remains at the high at 1.2350.
The H4 chart shows a more detailed structure of the current short-term correction after the previous descending impulse, which has already reached 38.2% fibo and may yet continue towards 50.0% fibo at 1.2040. After finishing the correction, the asset may resume falling to reach and break the low at 1.1835. The mid-term resistance is the fractal high at 1.2243.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the stable uptrend continues. After breaking 61.8% fibo, USDJPY is heading towards 76.0% fibo at 109.53. After breaking the latter level, the pair may continue growing to reach the long-term fractal high at 111.71. However, there is a divergence on MACD, which says that the pair may correct downwards before attacking the high.
In the H1 chart, USDJPY is correcting to the downside and may reach 23.6, 38.2%, and 50.0% fibo at 108.31, 107.67, and 107.15 respectively. A breakout of the current high at 109.36 may complete the correction.
