On the intraday chart of EURUSD, we are observing a nice five wave movement taking place from the 1.1046 level as part of black wave C of Y), with an extended structure in the fifth wave. As we see on the chart a reversal to the downside could be just around the corner, as the price almost reached our 261.8 Fibonacci reversal zone.
That said, a decisive break beneath the lower corrective channel line could indicate that a top is in place and that lower levels may follow.
EURJPY
On the EURJPY, current consolidation we see as a triangle with an ongoing wave E which can find its resistance around the 113.40-60 region from where a reversal lower may occur.
