Fibonacci Retracements Analysis 16.07.2019 (EURUSD, USDJPY)

EURUSD

On H4 the instrument demonstrates an ascending correction after a descending trend. The correction may continue in the short-term perspective; however, the descending trend is prevailing. Upon the completion of the pullback the decline may head for the local minimum 1.1193, and later to 76.0% (1.1180) Fibo with respect to the mid-term growth. The main long-term goal remains at 1.1107.

On H1 the quotations are moving in the correction phase between 23.6% and 38.2% Fibo. The current move is taking the shape of a Flag, which may signal another impulse for growth towards 50.0% (1.1293) and 61.8% (1.1317) Fibo. However, such increase will be short-term.

USDJPY

On H4 we may see a decline after reaching 50.0% Fibo in the correction phase of growth. A rise to 61.8% (109.18) is not excluded. But upon completion of the correction the price will move down to the minimum at 106.78, and after that to the long-term correction at 76.0% (106.40).

On H1 the quotations are going down to 50.0% Fibo in relation with the whole correcting trend. A decline to 61.8% (107.63) and 76.0% (107.31) seems realistic, though convergence may signal an ascending impulse forming, aiming at the maximum of 108.99, and later 61.8% (109.18).