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Fibonacci Retracements Analysis 04.12.2019 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the sideways channel round 61.8% fibo is transforming into a new uptrend. The support level is still 50.0% fibo, while the closest upside target remains at 76.0% fibo. After breaking the target level, the instrument may start another rising impulse to reach the key mid-term high at 1.3381.

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

In the H1 chart, GBPUSD is testing the local high at 1.3013 and trying to reach the key target. At the same time, there is a divergence on MACD, which indicates a new pullback quite soon. If the price fails to break the high, the pair may start the above-mentioned pullback towards 38.2% fibo at 1.2699.

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

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, EURJPY is trying to complete the correction by forming a new ascending structure. The closest upside target is 76.0% fibo at 121.55. After breaking this level and fixing above it, the instrument may continue growing towards the high at 123.36. The support is at 38.2% fibo (118.73).

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

In the H1 chart, the divergence on MACD made the pair start a new descending correction. However, the upside targets remain the same, the high at 121,47 and 76.0% fibo at 121.55. At the same time, Black Cross on MACD may indicate a more significant decline towards 61.8% fibo at 118.75.

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


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