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Fibonacci Retracement Analysis 03.08.2021 EURUSD, USDJPY

EURUSD, Euro vs US DollarOn H4, there is a consolidation around 23.6 Fibo. This level was reached by the first wave of correctional growth after a convergence on the MACD. After an escape from the consolidation upwards, the quotations will head for 38.2 1.1948 and 50.0 1.2009. When the uptrend is over, a new impulse of decline to the current low of 1.1752 should form, and after it is broken away, the bearish trend will head for the longterm level of 38.2 1.1695.On H1, the consolidation narrowing can be seen in technical detail. It can be interpreted as a correction after a wave of growth. The first wave of decline overcome 23.6, while 38.2 1.1850 Fibo remained just slightly tested. In such circumstances, an impulse of decline might start to 38.2 1.1850, and after it is broken away to 50.0 1.1831. Firsthand, expect the consolidation to end in the quotations sprouting upwards and breaking through the high of 1.1909.USDJPY, US Dollar vs Japanese YenOn H4, the market is developing a bearish phase after a divergence. The first wave of decline reached 23.6 Fibo. However, after the pullback, we can see the second wave of decline forming. It aims at 38.2 108.20 and 50.0 107.13. Local resistance is at the level of 111.66.On H1, the quotations are nearing the low of 109.06. A breakaway of this level will open a pathway into the postcorrectional extension area of 138.2161.8 Fibo 108.48108.11. In it, the mediumterm target level of 38.2 108.20 lies. Resistance is at the high of 110.59.

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