EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, after finishing a short-term growth, EURUSD is attempting to start a new descending wave. The entire structure of the mid-term trend is rather similar to a descending skewed triangle, which indicates bearish domination and further decline. The closest downside target is the low at 1.0635. If the price breaks the low, it may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.0440 and 1.0321 respectively. However, one shouldn’t exclude that the instrument may rebound from the low and resume growing to reach 38.2% and 50.0% fibo at 1.1370 and 1.1595 respectively.
The H1 chart shows a new correctional uptrend after the descending wave, which has already reached 50.0% fibo and may soon reverse downwards. The downside target may be the low at 1.0727. However, the instrument may yet continue growing towards 61.8% and 76.0% fibo at 1.0890 and 1.0926 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is trying to break the consolidation range around 38.2% fibo. If the price manages to break the range and fall towards 50.0% fibo at 106.44, the descending wave may continue to reach 61.8% and 76.0% fibo at 105.20 and 103.70 respectively. The resistance remains at the high at 111.71.
In the H1 chart, after attempting to grow and reach 50.0% at 108.16, the pair is falling towards the low at 106.93. If the price rebounds from the low, the instrument may resume growing to reach 50.0% and 61.8% fibo at 108.16 and 108.44 respectively.
