Fibonacci Retracements Analysis 03.03.2020 (EURUSD, USDJPY)
EURUSD, “Euro vs US Dollar”
As we can see in the daily chart, the convergence on MACD made EURUSD start a quick and steady growth, which may indicate a reversal of the long-term tendency. By now, the pair has reached 23.6% fibo at 1.1196; later, it may test it and start a new pullback. The next upside targets may be 38.2% and 50.0% fibo at 1.1456 and 1.1665 respectively. The key support is the low at 1.0777.
In the H4 chart, the pair is approaching 23.6% fibo at 1.1196.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the daily chart, USDJPY has failed to reach the fractal high at 112.40: there was a divergence that made the pair stat a new descending impulse towards 61.8% fibo. After reaching it, the instrument may continue falling; the targets are 76.0% fibo and the long-term low at 106.32 and 104.45 respectively.
In the H1 chart, the pair is correcting after a descending impulse and has already reached 23.6% fibo and may continue towards 38.2% fibo at 108.64 or even 50.0% fibo at 109.03. if the price breaks the support at 107.36, the mid-term downtrend will continue.
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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