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Fibonacci Retracements Analysis 08.07.2020 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

The daily chart shows a new ascending wave after the correction towards 38.2% fibo. If GBPUSD is able to break the key high at 1.2813, the price may continue growing towards 50.0% and 61.8% fibo at 1.2895 and 1.3242 respectively. However, if the pair reverses after testing the high, the asset may continue the long-term correction with the targets at 50.0% and 61.8% fibo at 1.2111 and 1.1946 respectively.

Fibonacci Retracements Analysis 08.07.2020 GBPUSD_D1
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 uptrend after the convergence. By now, the pair has already reached 50.0% fibo. Later, it may continue growing towards 61.8% and 76.0% fibo at 1.2598 and 1.2678 respectively. If the price breaks the support at 1.2252, the instrument may continue the mid-term downtrend.

Fibonacci Retracements Analysis 08.07.2020 GBPUSD_H4
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, EURJPY is growing towards 50.0% fibo. There is a strong possibility that later the pair may form a new descending impulse, which may be heading towards the low at 119.31. After breaking it, the instrument may continue trading downwards to reach 61.8% and 76.0% fibo at 118.79 and 117.50 respectively. The key resistance is the high at 124.43.

Fibonacci Retracements Analysis 08.07.2020 EURJPY_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 correctional uptrend and divergence on MACD, which may indicate the completion of the pullback and a further decline towards the low at 119.31. However, one shouldn’t exclude another scenario, according to which the asset may start a new rising impulse. In this case, the upside targets may be at 61.8% and 76.0% fibo (122.47 and 123.19 respectively).

Fibonacci Retracements Analysis 08.07.2020 EURJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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