Fibonacci Retracements Analysis 06.08.2019 (EURUSD, USDJPY)
EURUSD, “Euro vs US Dollar”
It would be better to analyze EURUSD in the daily chart. As we can see, after the price tried to reach the psychologically important level at 1.1000, there was a convergence on MACD, which made EURUSD start a new rising impulse that has already reached mid-term 23.6% fibo. The next upside targets may be 38.2%. 50.0%, and 61.8% fibo at 1.1327, 1.1422, and 1.1514 respectively. The resistance is the low at 1.1027.
In the H1 chart, after finishing its quick rising movement, EURUSD started a new pullback correction, which has already reached 23.6% fibo. The next targets may be 38.2%, 50.0%, and 61.8% fibo at 1.1165, 1.1139, and 1.1112 respectively. If the pair breaks the high at 1.1250, it may continue trading upwards.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the daily chart, after plummeting and entering the post-correctional extension area between 138.2% and 161.8% fibo at 105.80 and 105.20 respectively, USDJPY has returned to 106.77. So far, this quick rise should be considered as an ascending correction. The key resistance is at 109.32.
In the H1 chart, the correction has reached 38.2% fibo. The next upside correctional targets may be 50.0% and 61.8% fibo at107.42 and 107.86 respectively. The support is the low at 105.52.
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