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Fibonacci Retracements Analysis 24.11.2020 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, EURUSD has stopped its ascending wave at 76.0% fibo; right now, it is correcting within a Triangle pattern. After completing the pullback and breaking the high at 1.2011, the pair may reach the long-term 76.0% fibo at 1.2094. Another scenario suggests that the asset may rebound from the high and start a proper descending wave to break the low at 1.1603 and then reach mid-term 38.2% fibo at 1.1520.

Fibonacci Retracements Analysis 24.11.2020 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 correctional decline after a divergence on MACD. The first descending wave has already reached 50.0% fibo and may continue towards 61.8% fibo at 1.1725. A breakout of the high at 1.1920 will be a strong signal in favor of further ascending tendency.

Fibonacci Retracements Analysis 24.11.2020 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, a convergence on MACD made USDJPY skyrocket towards 23.6% fibo but then the pair started a pretty deep correction, which was later followed by another quick growth. In the future, the price may reach 38.2% and 50.0% at 106.43 and 107.44 respectively. The key support is the low at 103.17.

Fibonacci Retracements Analysis 24.11.2020  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 tendency after a descending impulse, which has almost reached 50.0% fibo at 104.67 and may later continue towards 61.8% and 76.0% fibo at 104.91 and 105.19 respectively. A breakout of the high at 105.68 will signal that the correction is over. As a result, the asset will continue moving upwards to reach the mid-term 38.2% fibo at 106.43.

Fibonacci Retracements Analysis 24.11.2020  USDJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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