Fibonacci Retracements Analysis 29.09.2021 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the daily chart, the asset has stopped consolidating 23.6% fibo; right now, it is moving downwards. this decline may be a signal in favour of a further downtrend towards 38.2% and 50.0% fibo at 1.3166 and 1.2830 respectively. The key resistance is the high at 1.4250.
In the H1 chart, the asset is forming a short-term pullback after finishing the previous descending impulse. In this case, the correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 1.3570, 1.3600, and 1.3624 respectively. A breakout of the low at 1.3520 will lead to a further downtrend.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, after rebounding from the low at 127.93, EURJPY is moving upwards to extend the correction to reach 50.0% and 61.8% fibo at 131.03 and 131.75 respectively. The key support is the low at 127.93.
The H1 chart shows divergence on MACD, which may indicate a possible pullback after the price reaches 50.0% fibo at 131.03. The downside targets may be 23.6%, 38.2%, and 50.0% fibo at 130.29, 129.85, and 129.48 respectively.
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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