EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the correctional downtrend has reached 38.2% fibo but right now, EURUSD is about to start a new pullback. After the pullback, the asset may resume falling to reach 50.0% and 61.8% fibo at 1.1976 and 1.1888 respectively. However, if this pullback transforms into a new rising wave, the instrument may break the high at 1.2350 and then continue growing towards the long-term fractal high at 1.2555.
The H1 chart shows a more detailed structure of the current correctional uptrend after a convergence on MACD. The closest upside target is 23.6% fibo at 1.2124, a breakout of which may lead to a further growth towards 38.2% and 50.0% fibo at 1.2167 and 1.2202 respectively. If EURUSD breaks the low at 1.2054, the asset may complete the pullback and resume trading downwards.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the pair is trying to move upwards after a correctional decline. The upside target may be the mid-term 23.6% fibo at 104.74, a breakout of which will lead to a further growth towards 38.2% and 50.0% fibo at 106.07 and 107.15 respectively. On the other hand, if the asset breaks the low at 102.59, the instrument may continue falling to reach the fractal low at 101.18.
In the H1 chart, a divergence on MACD made the pair start a new pullback, which has already reached 38.2% fibo. One should note that on its way to the mid-term 23.6% fibo at 104.74, the asset must break the local high at 104.40. However, if the market rebound from the high, the next descending wave may be heading towards 50.0% fibo at 103.50.
