Fibonacci Retracements Analysis 01.05.2018 (EURUSD, USDJPY)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is still being corrected to the downside. The correctional downtrend is heading towards the retracements of 61.8% and 76.0% at 1.2037 and 1.1920 respectively. The resistance level is at 1.2215.
More detailed structure of the current downtrend is shown in the H1 chart. Apart from this, the convergence is being formed, which means that after reaching its downside targets the instrument may reverse.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the uptrend continues towards the retracements of 61.8% and 76.0% at 110.24 and 111.55 respectively. The support level is at 106.76.
In the H1 chart, USDJPY is trading inside the Flat pattern near the retracement of 50.0%. at the same time, one can see the divergence being formed, which means that the instrument may reverse and start a new correction after reaching its upside targets.
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