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Fibonacci Retracements Analysis 24.03.2020 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

In the H4 chart, we can see a strong descending impulse, which has broken the long-term low. Right now, EURUSD is testing 1.0777 to fix below it. After that, the instrument may continue falling to reach the post-correctional extension area between 138.2% and 161.8% fibo between 1.0503 and 1.0333 respectively. The key resistance is the high at 1.1495.

EURUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a new rising correction after the convergence. The upside targets may be at 23.6%, 38.2%, and 50.0% fibo at 1.0839, 1.0962, and 1.1065 respectively. The support is the low at 1.0635.

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, the pair is growing towards the strong fractal resistance at 112.23; if the price breaks it, the long-term tendency may change. However, by now the instrument has tested 76.0% fibo to fix below it. In the nearest future, the price may start a new pullback. After completing the pullback, USDJPY may break the fractal high and continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo between 116.42 and 119.03. The key support is the low at 101.18.

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

The H1 chart shows a descending correction after the divergence. The downside correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 109.15, 107.65, and 106.38 respectively. The resistance is the high at 111.60.

USDJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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