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Fibonacci Retracements Analysis 23.02.2021 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

On H4, the market is forming another wave of growth after a correction. The quotations are approaching 61.8% (1.2198), upon reaching which they will head for 76.0% (1.2254). Such growth might be followed by a short-term pullback. The main goal of growth is still 1.2350, which is the high. The main support is at the low of 1.1952.

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

On H1, EURUSD is again testing the correctional level of 50.0% Fibo and renewing the local high. Growth remains in priority, while a correction can take the quotations back to the local support at 38.2% (1.2104). The potential pullback is indicated by a divergence.

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”

The H4 of the pair shows medium-term moods of the market. Here we can see the uptrend reach 38.2% Fibo. The growth and a divergence are followed by a correctional decline. When the pullback is over, and the pair overcomes the high of 106.22, we expect a new wave of growth to 50.5% (107.15).

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

On H1, there is a correctional decline after a convergence on the oscillator. The correctional decline neared 38.2% (104.84) and might continue to 50.0% Fibo (104.40). In the short term, a breakaway of the local high of 106.22 in the short term will signal the end of the correction and open the way to the post-correctional extension range of 138.2-161.8% (106.72-107.02).

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


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