Fibonacci Retracements Analysis 21.03.2018 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is forming a new ascending impulse and has already reached the retracement of 50.0%. The next upside targets may be the retracements of 61.8% and 76.0% at 1.4102 and 1.4191 respectively, and the high at 1.4345. The closest support level is at 1.3860.
In the H1 chart, the pair is completing the short-term descending correction. After breaking the high at 1.4088, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.4126 and 1.4151 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY has been corrected to the upside by 38.2% and right now is trying to continue this ascending impulse towards the retracements of 50.0% and 61.8% at 133.42 and 134.38 respectively. The man support level is the low at 129.35.
In the H1 chart, the previous descending impulse has been corrected by 76.0%. After breaking the local high at 131.74, the price may test the retracement of 38.2% at 132.46.
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