EURUSD, “Euro vs US Dollar”
It would be better to analyze the current EURUSD situation in the daily chart. As we can see, there was a convergence on MACD, which made the pair start a new rising impulse. This impulse may be a part of the long-term tendency reverse. The closest target is 23.6% fibo at 1.1275, while the next ones may be 38.2% and 50.0% fibo at 1.1520 and 1.1716 respectively. The support is the low at 1.0879.
The H4 chart shows the more detailed structure of the current rising tendency that started after the convergence. By now, the correctional uptrend has reached 50.0% fibo and may be followed by a new short-term pullback soon. After completing the pullback, the instrument may continue growing towards 61.8% and 76.0% fibo at 1.1208 and 1.1284 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after breaking the highs, USDJPY is trying to fix above them to continue forming the rising tendency. The upside targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 109.23 and 109.70 respectively; mid-term 61.8% fibo at 109.37 is also there. The key support is at 106.48.
In the H1 chart, the local divergence made the pair start a new correction, which has already reached 23.6% fibo. The next downside targets may be 38.2% and 50.0% fibo at 107.99 and 107.71 respectively. The resistance is the high at 108.93.