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Fibonacci Retracements Analysis 14.07.2020 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after rebounding from 38.2% fibo, EURUSD is trading upwards; the upside target is the local high at 1.1422. After breaking the high, the instrument may reach the fractal high at 1.1495. However, one shouldn’t exclude a rebound from the high. In this case, the pair may start a new descending wave to reach 50.0% and 61.8% fibo at 1.1094 and 1.1016 respectively.

Fibonacci Retracements Analysis 14.07.2020 EURUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a more detailed structure of the current uptrend. The price highs are rising, while the MACD histogram highs are falling, thus indicating a divergence and slowdown of the current tendency. After rebounding from the high, the pair may start a new pullback to test the previously-reached levels: 23.6% and 38.2% fibo at 1.1267 and 1.1171 respectively.

Fibonacci Retracements Analysis 14.07.2020 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 the first correctional wave to the upside towards 50.0% fibo, USDJPY is completing the pullback. Later, the pair may resume trading upwards to reach 61.8% and 76.0% fibo at 108.41 and 108.95 respectively. If the price continues growing and breaks the local high at 109.85, the instrument may start a new long-term rising wave. The key support is the low at 106.07.

Fibonacci Retracements Analysis 14.07.2020 USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a correctional decline after the rising wave and the divergence, which has almost reached 76.0% fibo at 106.57 but failed to test it. At the same time, the pair is back to 38.2% fibo, thus confirming that the instrument is about to finish its descending movement and start a new rising impulse towards the local high at 108.16.

Fibonacci Retracements Analysis 14.07.2020 USDJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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