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The Daily Markets Watch: EURUSD, GBPUSD & USDJPY (01.12.21)

The EURUSD structure hints at more downside as the recent rally seems to be part of a correction now. If we are on the 3rd wave indeed, chances of moving towards $1.10 will increase. Invalidation is high, at $1.1524.

A correction noticed on GBPUSD might be the end of the pullback as wave C has theoretically ended. If we break past $1.3366 the upside continuation will become the main scenario.

As the dollar rises, and with a double bottom in place against yen near 112.65, the 5-wave impulse towards a long-term target of around 120 remains intact. Can bulls hold the 111 line of support, or switch to a corrective pattern below 110?

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