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Fibonacci Retracements Analysis 17.03.2021 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is getting ready for a deeper correctional downtrend. After completing a short-term growth, GBPUSD has returned to 23.6% fibo. Later, the pair may continue falling towards 38.2%, 50.0%, and 61.8% fibo at 1.3643, 1.3457, and 1.3272 respectively. A breakout of the high at 1.4241 will result in a further uptrend towards the long-term fractal high at 1.4376.

Fibonacci Retracements Analysis 17.03.2021 GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, after correcting to the upside and reaching 50.0% fibo at 1.4009, the asset has fallen towards 76.0% fibo intending to reach the low at 1.3778. The current situation implies that the price may form another ascending wave towards the high at 1.4004, and then 50.0% and 61.8% fibo at 1.4009 and 1.4064 respectively. On the other hand, a breakout of the low at 1.3778 will result in a further downtrend to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1.3691 and 1.3638 respectively.

Fibonacci Retracements Analysis 17.03.2021 GBPUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURJPY, “Euro vs. Japanese Yen”

The H4 chart shows that the asset is trying to break the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 129.15 and 130.44 respectively. If it succeeds, the price may continue trading within the uptrend to reach the long-term 76.0% fibo at 131.93. Also, there is a divergence on MACD, which may indicate a possible pullback or even a reversal.

Fibonacci Retracements Analysis 17.03.2021 EURJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the par is moving downwards after a divergence on MACD. If the price fails to break the current high at 130.48 in the nearest future, the instrument may continue falling to reach 23.6% and 38.2% fibo at 128.40 and 127.10 respectively.

Fibonacci Retracements Analysis 17.03.2021 EURJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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