EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, each time after updating the high, EURUSD returns to 61.8% fibo. The divergence on MACD made the pair start a new decline with the closest target at 50.0% fibo (1.1595). After completing the correction, EURUSD may resume trading upwards to reach 76.0% fibo at 1.2095.
The H1 chart shows a more detailed structure of the current correctional downtrend, which has already reached 23.6% fibo and may continue towards 38.2% and 50.0% fibo at 1.1662 and 1.1567 respectively. However, if the price breaks the high at 1.1966, the correction will be over and the uptrend may resume.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the asset is finishing the descending correction. It looks like the pair has formed a stable support area around the mid-term 61.8% fibo because the mid-term downtrend and the previous pullback were stopped right here. The next rising wave may be heading to break the high and re-test 38.2% fibo, and may later continue towards 50.0% and 61.8% fibo at 107.94 and 108.83 respectively. If the instrument breaks the fractal support at 104.18, the price may fall towards the long-term 76.0% fibo at 103.70.
The H1 chart shows that after finishing the rising wave, the pair started a descending correction, which reached 61.8% fibo. After the convergence on MACD, the price has reached 38.2% fibo. In the future, the instrument may grow towards the high at 107.05.
