EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is forming a short-term descending wave within the mid-term correctional uptrend. After completing this decline, the pair may start a new impulse to the upside. The next upside targets may be 38.2% and 50.0% fibo at 1.1376 and 1.1461 respectively. The key support is the low at 1.1106.
In the H1 chart, the divergence made the pair start a new descending correction, which has already reached 61.8% fibo. Possibly, the correction almost over. However, one shouldn’t exclude a possibility that before finishing the correction the instrument may yet form a short descending impulse to reach 76.0% at 1.1171.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is still testing 50.0% fibo. If the pair breaks the support at 107.81, the price may continue falling towards 61.8% and 76.0% fibo at 107.52 and 106.41 respectively. The current resistance is 38.2% fibo at 109.38.
In the H1 chart, the pair is trading sideways; it is being corrected to the upside. The previous micro impulse to the downside may indicate a new descending wave at longer timeframes. However, the instrument may yet grow to reach 38.2% and 50.0% fibo at 108.90 and 109.24 respectively.
