Fibonacci Retracements Analysis 29.06.2021 (EURUSD, USDJPY)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the asset is about to finish the pullback and start a new decline. A divergence on MACD made the pair start a strong wave to the downside, which, after breaking 61.8% fibo, may reach 76.0% fibo and the low at 1.1840 and 1.1704 respectively. After breaking the low, EURUSD may form a new descending wave towards the long-term 50.0% fibo at 1.1695 respectively. The key resistance is the high at 1.2266.
The H1 chart shows a more detailed structure of the current correction, which, after breaking 23.6% fibo, has failed to reach 38.2% fibo at 1.1989. Still, if the price finally breaks the latter level, the next upside correctional target may be 50.0% fibo at 1.2032. However, the main scenario implies a further downtrend towards the low. A breakout of the local support at 1.1847 will complete the pullback and lead to a further decline.
USDJPY, “US Dollar vs. Japanese Yen”
In the H4 chart, a test of the previous high at 110.97 has been followed by a divergence on MACD, which may hint at a possible pullback. However, a breakout of the high may lead to a further uptrend to break the fractal high at 111.7 and then reach the post-correctional extension area between 138.2% and 161.8% fibo at 112.39 and 113.12 respectively. The support is the fractal low at 107.48.
The H1 chart shows a correctional decline after a divergence on MACD towards 23.6% fibo. Possibly, the pair may break this level and form a new descending wave to reach 38.2% and 50.0% fibo at 109.73 and 109.30 respectively. On the other hand, if the asset breaks the high at 111.12, the instrument will finish the correction and continue trading within the uptrend.
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.
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