Fibonacci Retracements Analysis 29.05.2018 (EURUSD, USDJPY)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the downtrend continues. EURUSD has broken the retracement of 38.2% and right now is trading towards the key support level at 1.1553. After breaking it, the instrument may continue falling reach the retracements of 50.0% and 61.8% at 1.1448 and 1.1188 respectively. At the time, the convergence is being formed.
In the H1 chart, the pair is getting closer to 1.1553. At the same time, one can see the convergence being formed, which may indicate a short-term pullback towards the retracements of 23.6%, 38.2%, 50.0%, and 61.8% at 1.1660, 1.1726, 1.1776, and 1.1830 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the downtrend continues and has already reached the retracement of 38.2%. The next downside targets may be the retracements of 50.0% and 61.8% at 108.01, and 107.22 respectively.
The H1 chart shows more detailed structure of the current downtrend. The short-term downside targets may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 108.62 and 108.40 respectively.
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