Fibonacci Retracements Analysis 03.04.2018 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, EURUSD is being corrected to the downside and has already reached the retracement of 61.8%. In the short-term, this decline may continue towards the retracement of 76.0% at 1.2232. In case the price starts a new ascending impulse, its targets will be the local high at 1.2476 and then the long-term one at 1.2556. If the instrument breaks the latter level, the pair may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2708 and 1.2806 respectively.

In the H1 chart, the convergence is being formed, which indicate a new ascending movement. By now, this movement has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1.2356, 1.2379, and 1.2403 respectively.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the convergence made USDJPY start a new ascending correction, which has already reached the retracement of 23.6%. The next upside targets are the retracements of 38.2%, 50.0%, and 61.8% at 108.10, 109.17, and 110.25 respectively. The support level is the low at 104.62.

In the H1 chart, the pair is moving downwards and has already reached the retracement of 50.0%. The next target is the retracement of 61.8% at 105.54. The correction is about to finish soon.

RoboMarkets Analytical Department