EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, convergence on MACD made the pair stop falling after reaching 61.8% fibo and start a new rising wave, which has already reached 23.6% fibo and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 1.1379, 1.1439, and 1.1500 respectively. on the other hand, a breakout of the local low at 1.1186 may result in a further downtrend towards the mid-term 76.0% fibo at 1.1047. The key resistance is at 1.1692.
In the H1 chart, the asset is re-testing 23.6% fibo, a breakout of which may lead to the formation of one more rising impulse.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the daily chart, divergence made the pair reverse after reaching 115.52 and start a new decline, which may be considered as a bearish correction. The key downside targets are 23.6%, 38.2%, and 50.0% fibo at 112.47, 110.58, and 109.06 respectively.
In the H1 chart, the asset is forming a new pullback after finishing the first descending impulse; it has already reached 38.2% fibo and may later continue towards 50.0% and 61.8% fibo at 114.25 and 114.55 respectively. A breakout of the low at 112.99 will lead to a further decline to reach the mid-term targets.
