Fibonacci Retracements Analysis 07.09.2021 (EURUSD, USDJPY)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the correctional uptrend has reached 38.2% fibo. At the moment, EURUSD is expected to start a short-term pullback, which may later be followed by further growth to reach 50.0% and 61.8% fibo at 1.1956 and 1.2035 respectively. After that, the instrument may reverse and form a new descending wave to reach the current support, which is the low at 1.1664, and then the long-term 50.0% fibo at 1.1493.
The H1 chart shows that local divergence on MACD made the asset start a new decline. In this case, the possible correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 1.1851, 1.1815, and 1.1786 respectively. The resistance is the high at 1.1909.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, the asset is still consolidating around 23.6% fibo. Possibly, the pair may break this range to the downside and start a new wave to the downside towards 38.2% and 50.0% fibo at 108.20 and 107.13 respectively. The resistance is still the high at 111.66.
The H1 chart shows that the price is stuck between 110.80 and 108.72. After falling and testing 76.0% fibo, the asset has returned to 23.6% fibo. At the moment, the instrument is falling again and trying to break 50.0% fibo, thus attempting to reach the downside border of the current range.
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