EURUSD, “Euro vs US Dollar”
As we can see in the daily chart, the asset is quickly correcting to the upside after convergence on MACD. After reaching and testing 23.6% fibo, the pair has started a slight pullback within this correctional uptrend. After this pullback is over, the price may form another rising impulse towards 38.2% and 50.0% fibo at 1.1590 and 1.1735 respectively. The support is the low at 1.1120.
The H1 chart shows a more detailed structure of the current descending correction, which has already reached 50.0% fibo at 1.1302 and may later be heading towards 61.8% and 76.0% fibo at 1.1263 and 1.1210 respectively. A breakout of the resistance at 1.1495 will lead to a further mid-term uptrend.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the daily chart, USDJPY has rebounded from the high at 116.35 due to divergence on MACD. In this case, the pair may start a new descending correctional wave to reach 23.6%, 38.2%, and 50.0% fibo at 113.09, 111.10, and 109.48 respectively.
The H4 chart shows local divergence on MACD, which may hint at a new decline. The downside target is the support at 113.47. At the same time, the asset may yet break the high and grow towards the post-correctional extension area between 138.2% and 161.8% fibo at 117.46 and 118.13 respectively.
