EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the divergence on MACD made EURUSD start a new descending wave, which already tested 61.8% fibo at 1.1166 and rebounded from it. The rising movement that followed wasn’t too successful, so right now the pair is falling again to re-test the above-mentioned support area. If the price breaks the support, it may continue falling towards 50.0% fibo. The entire movement may be considered as a correction. After the correction is over, the instrument may start a тку rising impulse to reach the fractal high and the long-term 50.0% fibo at 1.1495 and 1.1595 respectively.
The H1 chart shows a descending correction; earlier, it reached 38.2% fibo and was followed by a pullback. Right now, the pair is heading to re-test 38.2% fibo. If the instrument breaks it, the next downside targets may be 50.0% and 61.8% fibo at 1.1094 and 1.1017 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after a quick descending wave and the convergence, USDJPY is correcting to the upside. It’s quite interesting that the wave already tested the mid-term 50.0% fibo but failed to update its previous fractal low. By now, the pair has returned to the mid-term 38.2% fibo. However, if the price continues growing and breaks the local high at 109.85, the instrument may resume the long-term uptrend.
The H1 chart shows a more detailed structure of the current uptrend. After breaking 38.2% fibo, the pair is trying to reach 50.0% and 61.8% fibo at 107.95 and 108.41 respectively. at the same time, there is a divergence within the uptrend on MACD, which may indicate a possible pullback soon. The support is the low at 106.57.
