Fibo Analysis for EUR/USD and USD/JPY: July 24, 2018
EUR/USD
On H4, the EUR/USD is continuing to trade sideways in the midterm. The best levels for correctional rise now are 38.2% or 50.0% Fibo, or 1.1854 and 1.1960, respectively. In case the low at 1.1508 gets broken out, the price may move to the post correctional extension within 138.2 and 161.8%, or 1.1377-1.1298.
On H1, the EUR/USD is finishing its correction at 50.0% Fibo, compared to the latest short term rise.Next, the price may break out the local high at 1.1750, and then reach the post correction extension range between 138.2% and 161.8%, or 1.1810-1.1854.
USD/JPY
On H4, the USD/JPY is forming a downtrend after the divergence and the ascending trend having faded out. The downtrend reached 23.6% Fibo and may continue to reach 38.2% (109.93), 50.0% (108.92), and 61.8% (107.90). The high at 113.18 acts as a resistance.
On H1, the USD/JPY is forming a more detailed downtrend.
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