Fibonacci Retracements Analysis 19.12.2018 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, there was a convergence on MACD, so after breaking the low, GBPUSD started a new correctional uptrend, which has already reached the retracement of 23.6%. In the future, the correction may continue towards the retracements of 38.2% and 50.0% at 1.2773 and 1.2868 respectively. If the price breaks the low at 1.2476, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2420 and 1.2270 respectively.
In the H1 chart, the pair is trading upwards to reach the retracement of 38.2% at 1.2773. At the same time, there is a divergence on MACD, which means that the price may start a new pullback after reaching the target.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, EURJPY is still consolidating. The resistance is the retracement of 23.6% at 129.30. If the price breaks the above-mentioned level, the pair may grow to reach the high at 130.15. The support is the retracement of 76.0% at 127.47. After breaking it, the instrument may start falling towards the key low at 126.63.
As we can see in the H1 chart, the divergence made the pair started a new correction to the upside, which has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2%, 50.0%, and 61.8% at 128.26, 128.54, and 128.64 respectively. The support is the low at 127.64.
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