Fibonacci Retracements Analysis 20.03.2018 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the mid-term correction to the downside continues and has already reached the retracement of 61.8%. Right now, the price is trying to form a new ascending impulse to break the current high at 1.2446 and then trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2520 and 1.2565 respectively, where one can see the long-term high at 1.2555. However, in order to continue the mid-term correction to the downside, the instrument has to break the local low at 1.2154. After that, EURUSD may fall towards the retracements of 50.0% (1.2138) and 61.8% (1.2038) or even the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2043 and 1.1975 respectively.

In the H1 chart, EURUSD is being corrected upwards and has already reached the retracement of 50.0%. Later, the correction may continue towards the retracements of 61.8% and 76.0% at 1.2375 and 1.2401 respectively. The support level is at 1.2257.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is being corrected upwards and has already reached the retracement of 38.2%. The next targets are the retracements of 50.0% and 61.8% at 107.85 and 108.48 respectively. The main support level is the low at 105.24.

In the H1 chart, the convergence made the pair move upwards. By now, the price has already reached the retracement of 61.8% and may continue trading towards 106.88 and 107.29.

RoboForex Analytical Department