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Fibonacci Retracements Analysis 17.03.2020 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after reaching 38.2% fibo, EURUSD has started a new correction to the downside. If the pair fails to break the low at 1.0777, the next rising wave may reach 50.0% and 61.8% fibo at 1.1665 and 1.1875 respectively. The key support is the low at 1.0777.

EURUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows more detailed structure of the current correction. After reaching 61.8%, the pair is trading sideways. The next downside wave may reach 76.0% fibo at 1.0949. The resistance is the high at 1.1495.

EURUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the daily chart, after testing the post-correctional extension area between 138.2% and 161.8% between 101.48 and 99.66 respectively, USDJPY has quickly rebounded for a new correction or a trend reversal. To confirm the trend reversal, the price must break the key resistance at 112.23.

USDJPY_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H4 chart shows a rising correction after a descending impulse. The price has already reached 61.8% fibo and may continue moving towards 76.0% fibo at 109.59. If the price breaks the latter level, the instrument may continue growing to reach the high at 112.23. The support is at 101.18.

USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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