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  2. Fibonacci Retracements Analysis
  3. Fibonacci Retracements Analysis 06.03.2018 (EURUSD, USDJPY)

Fibonacci Retracements Analysis 06.03.2018 (EURUSD, USDJPY)

06.03.2018

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the descending correction has already reached the retracement of 61.8%. The next target may be the retracement of 76.0% at 1.2068. Right now, the price is forming a rising impulse, which may test the high at 1.2555. After breaking the high, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2666 and 1.2736 respectively.

EURUSD1
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

In the H1 chart, EURUSD is trading towards the retracements of 61.8% and 76.0% at 1.2404 and 1.2458 respectively.

EURUSD2Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is being corrected downwards. After breaking the low, the price may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 104.64 and 105.05 respectively.  The main resistance level is at 107.90.

USDJPY1
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

In the H1 chart, the situation is similar and confirms the scenario described above. The short-term resistance level is at 107.01.

USDJPY2
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.

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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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