The EURUSD continues to make lower highs. Although today, price has a small retracement, on the intraday 30 minute chart, price is currently testing the 38.2 fibonacci level measured from the low that occurred this morning. With the Stochastics indicating a potential overbought market, price may go down from here. However, since price has broken through the 23.6 fibonacci level (yellow line) then price could test this area and, if it supports price, we could see another upward move to the 50% fib level (green), 61.8 fib level (magenta), 76.4 fib level (blue), or the red dotted line, which represents the 100% retracement area.
The GBPUSD 30-minute chart shows that price has moved up the fibonacci levels and is currently retesting the 61.8 level, after finding some resistance at the 76.4 fib level. If the current bar forms as bullish, there is a potential for a hidden diverence formation on the Stochatics, which would indicate a push upwards to the red dotted line. However, if the current price bar forms as bearish, we could see a return to the 50 or 38.2 fibonacci level.
The 30-minute USDCAD chart shows that price is moving down to test the 23.6 fibonacci level. If price finds support at this area, price may try and retest the high (gray line). However, the Bank of Canada Rate Statement and Overnight Rate will be released at 10:00 am New York time. While the rate is expected to remain the same (1.75%), extreme volatility is typical immediately after the report. If the current high offers resistance, price could move down through the fib levels immediately after the report.
The 30-minute USDCHF chart shows that price made a high earlier today and is now moving down through the fib levels. The next level for price will be the 50% fib. If the 50% fib line does not offer support, price may continue moving down through the fib levels to the blue dotted line.