Fibonacci Retracements Analysis 01.05.2019 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the convergence made GBPUSD start a new correctional uptrend, which has already reached the retracement of 38.2%. The next upside targets may be the retracements of 50.0% and 61.8% at 1.3088 and 1.3141 respectively. If the price breaks the low at 1.2865, the instrument may continue falling towards the long-term retracement of 61.8% at 1.2773.
In the H1 chart, the price has reached the retracements of 38.2% and may start a new short-term pullback.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after failing to reach the high at 127.50, EURJPY has resumed its mid-term descending correction. If the price breaks the low at 124.09, the instrument may continue trading downwards to reach the retracement of 50.0% at 122.7. The resistance is the high at 126.81.
In the H1 chart, the pair is being corrected upwards; it has already reached the retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 125.45 and 125.77 respectively.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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