Fibonacci Retracements Analysis 05.05.2020 (EURUSD, USDJPY)
EURUSD, “Euro vs US Dollar”
On H4, after a convergence, the quotations have formed a stable wave of growth. The wave overcame the previous fractal high on 61.8% Fibo but then started pulling back. After the pullback, we may expect further growth to 76.0% (1.1045) and then – to the high of 1.1147. A breakaway of the high will signal the development of the mid-term uptrend to 38.2% (1.1370). The support is at the low of 1.0727.
On H1, there is a local pullback phase after a divergence on the MACD. The quotations have gone down to 38.2% Fibo and may drop even deeper to 50.0% (1.0873) and 61.8% (1.0839). The next wave of growth will be aimed at the current local peak of 1.1019.
USDJPY, “US Dollar vs. Japanese Yen”
On H4, the quotations have gone down to 50.0% Fibo, trying to break it away. If the market succeeds, the declining wave may continue to 61.8% (105.20) and 76.0% (103.70). Meanwhile, there is a convergence forming, suggesting a slow-down of the decline and even a reversal. The resistance is at 107.68.
On H1, after an attempt of the wave of correctional growth to reach 38.2% (107.68) Fibo, the quotations are dropping to 50.0% again. The next goal of the decline is 61.8% (105.20).
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.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.