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EURUSD is showing us a nice reversal in progress, with a current drop lower being wave C) or 3) that can see even more weakness. Ideally the current fall will extend towards the Fibonacci ratio of 161.8, where bears can temporarily slowdown. But if the price keeps trading lower, and eventually reaches the former wave 4) at 1.1291 region, then we expect a five wave move lower for the pair rather then a normal A-B-C.


USDJPY is making a nice breah higher, which we labeled as black wave one in the making with an extended fifth sub-wave. Ideally, this fifth sub-wave will find a top and make a reversal lower around the Fibonacci ratio of 161.8.