Fibo Analysis for EUR/USD and USD/JPY: July 17, 2018

EUR/USD

On H4, the EURUSD is rising again after the correction, with the local target at 1.1790. Once this high is reached, the price may move to the post correctional range within 138.2% and 161.8% Fibo, or 1.1857-1.1900. The current move is supported by 1.1627.

On H1, one can see the new EURUSD uptrend is currently just a piece of correction with respect to the previous downtrend that ended with convergence. This correctional uptrend has reach the 61.8% Fibo level, with the next target being at 76.0% (1.1747).

USD/JPY

On H4, USDJPY is continuing to ascend. The price has reached 111.39 and is very close to the post correctional range between 138.2% and 161.8% Fibo, or 112.67 and 113.46.

Meanwhile, H1 charts show a pullback has started after the divergence. This pullback has already reached the 23.6% Fibo level, the next levels may lie at 38.2%, or 111.85, and at 50.0%, or 111.56.