EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is slowing the descending tendency down a little bit on its way to the long-term 50.0% fibo at 1.1493. At the same time, there is convergence on MACD, which may hint at a possible pullback or even reversal. If the asset reaches the target but rebounds from it, the pair may resume moving upwards to update the high at 1.2350.
The H1 chart shows the potential correctional targets after local convergence on MACD – 23.6%, 38.2%, and 50.0% fibo at 1.1619, 1.1674, and 1.1719 respectively. On the other hand, a breakout of the low at 1.1529 will lead to a further downtrend.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after breaking the high at 111.66, USDJPY has entered the post-correctional extension area between 138.2% and 161.8% fibo at 112.78 and 113.47 respectively. The current technical picture implies a possible pullback soon towards 111.66. The support is still the local low at 108.72.
The H1 chart shows the targets of the above-mentioned pullback – 23.6%, 38.2%, and 50.0% fibo at 112.45, 111.82, and 111.30 respectively. The key resistance here is the high at 113.49.
