EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, after breaking 61.8% fibo but failing to reach 76.0% fibo at 1.2254, EURUSD has quickly reversed due to a divergence on MACD; right now, it is falling to update the previous low at 1.1952. After breaking it, the instrument may continue falling towards the mid-term 61.8% fibo at 1.1888.
The H1 chart shows a more detailed structure of the current descending wave towards the low at 1.1952, a breakout of which will lead to a further downtrend to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1.1840 and 1.1773 respectively. The resistance is the local high at 1.2243.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the uptrend continues. After breaking 38.2% fibo, USDJPY is heading towards 50.0% fibo at 107.15. Possibly, the pair may reach this level and then, taking into account a divergence on MACD, correct downwards to reach the support area at 23.6% fibo at 104.74. After completing this pullback, the instrument may resume growing to reach 61.8% fibo at 108.23.
In the H1 chart, after breaking the previous high, the pair is growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 106.72 and 107.02 respectively. The support is the fractal low at 104.92.
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