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Fibonacci Retracements Analysis 21.04.2020 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, EURUSD continues consolidating and this range is getting narrower; it is heading towards the low at 1.0635. If the price breaks the low, it may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.0505 and 1.0334 respectively. However, one shouldn’t exclude that the instrument may rebound from the low and resume growing to reach 38.2% and 50.0% fibo at 1.1370 and 1.1595 respectively.

EURUSD_H4 can resume growing to reach 38.2% and 50.0% fibo at 1.1370 and 1.1595 respectively.
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the descending wave corrected the previous uptrend by 76.0%. Later, there was a local convergence, which forced the pair to start a new growth, which has already reached 50.0% fibo. If the price fails to break the low at 1.0812 and then reach 1.0768 and 1.0758, the instrument may resume growing towards 61.8% and 76.0% fibo at 1.1002 and 1.1056 respectively.

EURUSD_H1 descending wave corrected the previous uptrend by 76.0%
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 H4 chart, USDJPY continues consolidating around 38.2% fibo. The next descending wave may be heading towards 50.0%, 61.8%, and 76.0% fibo at 106.44, 105.20, and 103.70 respectively. The resistance remains at the high at 111.71.

USDJPY_H4 continues consolidating around 38.2% fibo
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the convergence made the pair start a new correctional uptrend, which has already reached 38.2% fibo. The price may yet continue growing to reach 50.0% and 61.8% fibo at 108.16 and 108.44 respectively, but a more likely scenario implies further decline towards the low at 106.93.

USDJPY_H1  start a new correctional uptrend, which has already reached 38.2% fibo
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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