EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, after breaking its consolidation range to the upside, EURUSD has broken 50.0% fibo. At the moment, the asset is starting a new pullback, which may later be followed by another growth towards 61.8% and 76.0% fibo at 1.1500 and 1.1570 respectively. The key support is the low at 1.1186.
The H1 chart shows a more detailed structure of the current decline after divergence on MACD, which has already broken 38.2% fibo and may later continue towards 50.0% and 61.8% fibo at 1.1378 and 1.1263 respectively. The local resistance is the high at 1.1483.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the daily chart, divergence on MACD made the pair complete its steady uptrend and start a new descending wave, which has already tested 23.6% fibo at 113.09 and rebounded from it. Possibly, the asset may grow and break the high at 116.35. However, the main scenario implies a further downtrend towards 38.2%, 50.0%, and 61.8% fibo at 111.09, 109.48, and 107.86 respectively.
The H4 chart shows a more detailed structure of the current correctional uptrend after the previous descending wave. By now, it has already reached 50.0% fibo and may later continue towards 61.8% and 76.0% fibo at 115.25 and 115.66. After breaking the high, the price may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 117.44 and 118.12 respectively. The support is the low at 113.48.
Source: Roboforex
