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Fibonacci Retracements Analysis 16.03.2021 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the daily chart, the asset continues the “bearish” phase after a divergence on MACD. After falling and reaching 23.6% fibo, the pair has started a new pullback, which may be over quite soon. In this case, EURUSD may resume falling towards 38.2%, 50.0%, and 61.8% fibo at 1.1695, 1.1493, and 1.1292 respectively. The key resistance remains at the high at 1.2350.

Fibonacci Retracements Analysis 16.03.2021 EURUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H4 chart shows a more detailed structure of the current short-term correction after the previous descending impulse, which has already reached 38.2% fibo and may yet continue towards 50.0% fibo at 1.2040. After finishing the correction, the asset may resume falling to reach and break the low at 1.1835. The mid-term resistance is the fractal high at 1.2243.

Fibonacci Retracements Analysis 16.03.2021 EURUSD_H4
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, the stable uptrend continues. After breaking 61.8% fibo, USDJPY is heading towards 76.0% fibo at 109.53. After breaking the latter level, the pair may continue growing to reach the long-term fractal high at 111.71. However, there is a divergence on MACD, which says that the pair may correct downwards before attacking the high.

Fibonacci Retracements Analysis 16.03.2021 USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, USDJPY is correcting to the downside and may reach 23.6, 38.2%, and 50.0% fibo at 108.31, 107.67, and 107.15 respectively. A breakout of the current high at 109.36 may complete the correction.

Fibonacci Retracements Analysis 16.03.2021 USDJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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