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Fibonacci Retracements Analysis 29.09.2020 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the divergence on MACD made the pair start a new descending correction, which, after breaking 23.6% fibo, has yet failed to reach 38.2% fibo at 1.1520. At the same time, there is a local convergence on MACD, which may hint at a short-term pullback. After completing the pullback, the pair may head 38.2%, 50.0%, and 61.8% fibo at 1.1520, 1.1369, and 1.1217 respectively. However, if EURUSD breaks the high at 1.2011, it may continue trading upwards to reach the long-term 76.0% fibo at 1.2095.

Fibonacci Retracements Analysis 29.09.2020 EURUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a pullback to the upside after a convergence; it has already reached 23.6% fibo but may later continue moving towards 38.2%, 50.0%, and 61.8% fibo at 1.1729, 1.1765, and 1.1801 respectively. However, if the price breaks the local low at 1.1612, the asset may fall and reach the mid-term 38.2% fibo at 1.1520.

Fibonacci Retracements Analysis 29.09.2020  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 breaking 61.8% fibo and attempting to reach 76.0% fibo at 103.70, the downtrend has slowed down due to a convergence; right now, the pair is correcting upwards. In the nearest future, the instrument may reach 23.6% fibo at 105.82 and then start a new short-term pullback, which may later be followed by further growth towards 38.2%, 50.0%, and 61.8% fibo at 106.93, 107.85, and 108.75 respectively. The support is the low at 104.00.

Fibonacci Retracements Analysis 29.09.2020  USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a wave to the upside to reached 23.6% fibo at 105.82. At the same time, there is a divergence on MACD, which may hint at a possible descending correction with the targets at 38.2% and 50.0% fibo at 105.05 and 104.85 respectively. The resistance is the high at 105.70.

Fibonacci Retracements Analysis 29.09.2020  USDJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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