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Fibonacci Retracements Analysis 18.12.2019 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, there was a gap on the price chart and a divergence on MACD, after which the pair reached 61.8% fibo. We can see that GBPUSD has already eliminated the gap and right now is correcting to the downside. After completing the pullback, the instrument may start another rising wave towards 76.0% fibo at 1.3794.

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

The H1 chart shows the more detailed structure of the current descending correction. At the moment, the pair is getting close to 38.2% fibo at 1.3011 and may later reach 50.0% and 61.8% fibo at 1.2856 and 1.2700 respectively. The resistance is the high at 1.3514.

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 continues the uptrend to break 76.0% fibo and reach its mid-term high at 123.36. At the same time, there is a divergence on MACD, which may indicate a possible pullback. The support is at 61.8% fibo (120.50).

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

As we can see in the H1 chart, the first descending wave has reached 38.2% fibo. The next wave to the downside may be heading towards 50.0% and 61.8% fibo at 121.32 and 121.00 respectively. The local resistance is the high at 122.65.

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


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