Fibonacci Retracements Analysis 24.07.2017 (EUR/USD, USD/JPY)

EUR/USD

The EUR/USD pair has completed a rise towards the intermediate elongation Fibo level 261.8% (1.1685). The 1.1759 mark can act as the next target for the current upward move. That said, a divergence is being formed at the moment which points to a possible rebound or reversal. The most probable targets for a possible downward correction move are Fibo levels 23,6% (1.1546), 38.2% (1.1464) and 50.0% (1.1405).

The H1-chart of EUR/USD shows a divergence which suggests a possible correction move. The correction move has brought the pair to 23.6% Fibo level. The next nearest targets for the pair are 1,1605 and 1,1583 markets (38.2% and 50% Fibo levels correspondingly).

USD/JPY

The H4-chart of USD/JPY shows the descending move is still in force. After the pair reached 50% and 61.8% Fibo levels, it reversed back to 76.0% (110.17). But the most significant target is the local low at 108.82 and 106.68 mark (138.2% elongation level).

The H1-chart of USD/JPY pair confirms the senior timeframe's picture.