Fibonacci Retracements Analysis 23.05.2018 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD continues its descending movement, which has already reached the retracement of 61.8%. The next downside target may be the retracement of 76.0% at 1.3153.
In the H1 chart, the pair is moving downwards, but at the same time the convergence is being formed, which may indicate a possible correction to the upside in the future. The targets of this pullback may be the retracements of 23.6%, 38.2%, and 50.0% at 1.3445, 1.3622, and 1.3765 respectively.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, after being corrected to the upside, EURJPY has started a new impulse inside the mid-term downtrend towards the retracement of 38.2% at 128.84.
In the H1 chart, the price is trading to the downside. After breaking the low, at 129.22, the instrument may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 128.40 and 127.90 respectively.
RoboMarkets Analytical Department
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.