EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is still consolidating at 23.6% fibo and correcting the previous descending wave; the correctional wave has already reached 38.2% fibo after convergence on MACD. The current technical picture implies two possible scenarios – a new rising impulse towards 50.0% and 61.8% fibo at 1.1439 and 1.1500 respectively, and a further downtrend to reach the low at 1.1186, a breakout of which may lead to the mid-term 76.0% fibo at 1.1047. The key resistance is at 1.1692.
The H1 chart shows a more detailed structure of the current consolidation range, which may be considered as a correction after the rising wave. A quick and volatile correctional impulse to the downside after local divergence on MACD has reached 76.0% fibo. At the moment, the asset is trading between 23.6% and 38.2% fibo, while the next rising impulse may be heading to break the high at 1.1383.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after completing a quick descending wave towards 23.6% fibo at 112.47, USDJPY is forming a steady rising impulse to reach the high at 115.52. If the pair fails to break the high, it may resume falling to reach 38.2% and 50.0% fibo at 110.58 and 109.06 respectively. On the other hand, if the pair succeeds, it may continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 116.65 and 117.36 respectively.
In the H1 chart, the pair has reached 76.0% fibo; right now, it is trying to break this level and fix above it. Later, the market may continue growing towards the high. The support is the low at 112.53.
