Fibonacci Retracements Analysis 07.02.2018 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is still being corrected downwards and has almost reached the retracement of 50.0% at 1.3821. The next downside target is the retracement of 61.8% at 1.3698. The main resistance level is the high at 1.4345.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
In the H1 chart, the downtrend continues. The short-term convergence indicates a new correction, which has already reached the retracement of 23.6%. The next targets of the correction may be the retracements of 38.2%, 50.0%, and 61.8% at 1.4005, 1.4058, and 1.4108 respectively. After completing the correction, the instrument is expected to break the low at 1.3836 and then continue falling towards 1.3698.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
EURJPY, “Euro vs. Japanese Yen”
In the daily chart, we can see the divergence being formed, which may indicate a reverse in the short-term. The closest targets of this possible correctional downtrend may be the retracements of 23.6%, 38.2%, and 50.0% at 132.15, 128.80, and 126.18 respectively. The resistance level is the current high at 137.50.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
In the H4 chart, EURJPY is being corrected to the upside. The next descending impulse may break the low at 133.97 and then continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 133.26 and 132.82 respectively.
Risk Warning: the results of previous trading operations do not guarantee the same results in the future.
RoboForex Analytical Department
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