Fibonacci Retracements Analysis 08.01.2019 (EURUSD, USDJPY)
EURUSD, “Euro vs US Dollar”
In the H4 chart, the mid-term ascending correction continues. The possible targets are the retracements of 50.0% and 61.8% at 1.1515 and 1.1586 respectively. The local support level is at 1.1357. At the same time, there is a divergence on MACD.
As we can see in the H1 chart, EURUSD is forming another short-term descending impulse, which has already reached the retracement of 38.2%. The next possible targets are the retracement of 50.0% and 61.8% at 1.1415 and 1.1399 respectively. If the price breaks the high at 1.1484, the instrument may continue growing to reach its mid-term targets.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is being corrected to the upside; it has already broken the retracement of 38.2% and may continue towards the retracements of 50.0% and 61.8% at 109.36 and 110.50 respectively. The key support is at 106.79.
The H1 chart shows more detailed structure of the current correctional uptrend.
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.