Fibonacci Retracements Analysis 02.07.2019 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the correctional uptrend continues; after reaching 32.8% fibo, the pair rebounded towards 23.6% fibo. In this area, EURUSD may start a new rising wave to reach 50.0% and 61.8% fibo at 1.1461 and 1.1545 respectively. The key support is the low at 1.1107.

In the H1 chart, the correctional downtrend is about to reach 61.8% fibo at 1.1270. Later, the pair is expected to rebound from this area and start a new impulse towards the high at 1.1412.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the correctional uptrend has broken 38.2% fibo and may yet continue.one should remember that the current growth is just a correction within the long-term downtrend, which means that after breaking the low at 106.78, the instrument may continue falling towards 76.0% at 106.41.

In the H1 chart, after breaking 38.2% fibo, the pair is testing this level. The current consolidation indicates a short-term correction after the divergence. The correction may continue to reach 23.6% fibo, but the most likely scenario implies a new growth towards 50.0% and 61.8% fibo at 108.73 and 109.18 respectively.