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Fibonacci Retracements Analysis 23.06.2020 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the divergence made EURUSD start a new decline, which has already tested 61.8% fibo. Under these circumstances, the pair has good chances to continue the uptrend. In this case, the next rising impulse will be heading towards the fractal high and 50.0% fibo at 1.1495 and 1.1595 respectively. However, if the asset wants to resume falling, it must break the above-mentioned support area.

Fibonacci Retracements Analysis 23.06.2020  EURUSD_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; it reached 38.2% fibo and was followed by a local convergence, which made it reverse to the upside. Assuming that the current growth is nothing but a local pullback, the next downside targets may be 50.0% and 61.8% fibo at 1.1094 and 1.1017 respectively.

Fibonacci Retracements Analysis 23.06.2020  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 H4 chart, after completing a quick descending wave, USDJPY continues the correction. Earlier, the pair grew to reach 23.6%, then fell to rebound from the low, and right now is trying to rise again, this time towards 38.2% and 50.0% fibo at 107.82 and 108.21 respectively. After finishing the correction and breaking the low at 106.57, the instrument may continue trading downwards to reach the long-term 61.8% fibo at 105.20.

Fibonacci Retracements Analysis 23.06.2020 USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a more detailed structure of the current ascending impulse within the sideways channel. The price is trying to return to 23.6% fibo and may continue growling towards 38.2% fibo at 107.82 after breaking it.

Fibonacci Retracements Analysis 23.06.2020  USDJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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