EURUSD, "Euro vs US Dollar"
On H4, there is a consolidation around 23.6% Fibo. This level was reached by the first wave of correctional growth after a convergence on the MACD. After an escape from the consolidation upwards, the quotations will head for 38.2% (1.1948) and 50.0% (1.2009). When the uptrend is over, a new impulse of decline to the current low of 1.1752 should form, and after it is broken away, the bearish trend will head for the long-term level of 38.2% (1.1695).
On H1, the consolidation narrowing can be seen in technical detail. It can be interpreted as a correction after a wave of growth. The first wave of decline overcome 23.6%, while 38.2% (1.1850) Fibo remained just slightly tested. In such circumstances, an impulse of decline might start to 38.2% (1.1850), and after it is broken away — to 50.0% (1.1831). First-hand, expect the consolidation to end in the quotations sprouting upwards and breaking through the high of 1.1909.
USDJPY, "US Dollar vs Japanese Yen"
On H4, the market is developing a bearish phase after a divergence. The first wave of decline reached 23.6% Fibo. However, after the pullback, we can see the second wave of decline forming. It aims at 38.2% (108.20) and 50.0% (107.13). Local resistance is at the level of 111.66.
On H1, the quotations are nearing the low of 109.06. A breakaway of this level will open a pathway into the post-correctional extension area of 138.2-161.8% Fibo (108.48-108.11). In it, the medium-term target level of 38.2% (108.20) lies. Resistance is at the high of 110.59.
