EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the correctional downtrend has reached 23.6% fibo. At the same time, there is a convergence on MACD. At the moment, the pair is forming another rising wave towards 61.8% and 76.0% fibo at 1.1208 and 1.1248 respectively.
In the H1 chart, the convergence on MACD made the pair start a new rising movementб which has already reached 50.0% fibo. The next upside targets may be 61.8% and 76.0% fibo at 1.1106 and 1.1133 respectively. However, there might be a divergence on MACD to indicate a new short-term pullback. The support is the low at 1.0989.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the divergence made the pair stop at mid-term 61.8% fibo and reverse downwards. By now, the decline has already reached 38.2% and may continue towards 50.0%, 61.8%, and 76.0% fibo at 107.99, 107.63, and 107.20 respectively. However, the key target is the fractal low at 106.48.
In the H1 chart, after completing the pullback, the pair is forming another descending impulse towards 50.0% fibo at 107.99. If the price breaks the high at 109.49, the instrument may continue the mid-term uptrend.
