Fibonacci Retracements Analysis 29.05.2019 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, after the price had reached the retracement of 61.8%, there was a convergence on MACD, which made the pair reverse and start a new correction. By now, the correction has already reached the retracement of 23.6%. In case it continues, the price may reach the retracements of 38.2% and 50.0% at 1.2824 and 1.2888 respectively. However, if the pair breaks the local low at 1.2605, the instrument may towards the key low at 1.2397.
In the H1 chart, GBPUSD is forming another pullback to the downside, which may soon be followed by a new rising wave towards the retracement of 38.2% at 1.2824. The support level is the low at 1.2605.
EURJPY, “Euro vs. Japanese Yen”
As we can see in the H4 chart, EURJPY is trading downwards and getting closer to the retracement of 61.8% at 121.60. The next downside target is the retracement of 76.0% at 120.25. The resistance level is the retracement of 38.2% at 123.86.
In the H1 chart, the pair is falling towards the retracement of 61.8% at 121.60. At the same time, there is a convergence on MACD.
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.