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Fibonacci Retracements Analysis 29.01.2020 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is still correcting and forming Triangle pattern. After attempting to break the resistance, the pair is returning to 38.2% fibo at 1.2883. The downside target is the low at 1.2904. If the price breaks this level, the instrument may continue falling towards 50.0% and 61.8% fibo at 1.2856 and 1.2700 respectively.

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

The H1 chart shows a new descending wave after the divergence on MACD. The price is moving towards mid-term 50.0% fibo (1.2855), which is inside the post-correctional extension area between 138.2 and 161.8% fibo at 1.2882 and 1.2832 respectively.

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, the correctional downtrend has stopped at 38.2% fibo. After testing and breaking this level, the decline may continue towards 50.0% and 61.8% fibo at 119.36 and 118.55 respectively. The resistance is at 121.21.

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

The H1 chart shows a new pullback after the convergence on MACD. The targets are 23.6%, 38.2%, and 50.0% fibo at 120.53, 120.98, and 121.34 respectively. The support is the low at 119.80.

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


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