EURUSD, “Euro vs US Dollar”
As we can see in the daily chart, after breaking 50.0% fibo, the uptrend continues towards 61.8% fibo at 1.1820. At the same time, the MACD indicator is forming a divergence, which may hint at a possible correction after the price reaches its target. Later, EURUSD may continue trading upwards to reach 76.0% fibo at 1.2095. The support is the long-term 50.0% fibo at 1.1595.
The H1 chart shows a more detailed structure of the current uptrend. The price has already broken the post-correctional extension area between 138.2% and 161.8% fibo at 1.1520 and 1.1578 respectively. The situation is a bit similar to the daily chart as the MACD indicator is also forming a divergence. Still, there is a possibility of a pullback towards 1.1595 or even deeper, 1.1422.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after breaking the previous low at 106.07, the descending wave has reached 61.8% fibo. In the nearest future, USDJPY is trying to start a short-term pullback. The next downside target may be 76.0% fibo at 103.70 respectively. The key resistance is the high at 109.85.
The H1 chart shows a new pullback after a local convergence on MACD. By now, the pair has reached 23.6% fibo. Later, the price may continue the correction towards 38.2%, 50.0% and 61.8% fibo at 105.94, 106.20, and 106.46 respectively. The support is the local low at 105.11.
