Fibonacci Retracements Analysis 17.02.2021 (GBPUSD, EURJPY)

17.02.2021

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the daily chart, after entering the post-correctional extension area between 138.2% and 161.8% fibo at 1.3790 and 1.3980 respectively, GBPUSD may continue growing to reach 1.40. At the same time, a divergence on MACD may hint at a new pullback soon towards 23.6%, 38.2%, and 50.0% fibo at 1.3650, 1.3464, and 1.3314 respectively. The resistance is the high at 1.3951.

GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a local divergence and the start of a new short-term correction to the downside, which has already reached 23.6% at 1.3860 and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 1.3804, 1.3758, and 1.3713 respectively. the mid-term support is the low at 1.3565.

GBPUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURJPY, “Euro vs. Japanese Yen”

In the H4 chart, EURJPY is forming a stable uptrend; it has been able to fix above its previous highs. At the moment, the pair is moving very close to the mid-term 61.8% fibo at 128.65, a breakout of which may lead to a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 129.16 and 130.43 respectively.

EURJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a local divergence on MACD, which may indicate a possible short-term correction towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 127.66, 127.17, 126.77, and 126.37 respectively. the resistance is the high at 128.45.

EURJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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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