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Fibonacci Retracements Analysis 04.05.2021 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

The H4 chart shows that a divergence made the pair complete the uptrend at 76.0% fibo. In this case, EURUSD may start a new descending wave with the key target at the high (1.1704), a breakout of which may lead to a further downtrend towards the long-term 38.2% fibo at 1.1695, The first descending impulse has already reached 23.6% fibo, while the next one may continue towards 38.2%, 50.0%, 61.8%, and 76.0% fibo at 1.1980, 1.1927, 1.1875, and 1.1811 respectively. A breakout of the local high at 1.2150 will result in a further uptrend to reach 1.2243.

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

As we can see in the H4 chart, after finishing the descending wave, EURUSD had corrected towards 38.2% fibo. Possibly, the pair may yet continue growing towards 50.0% and 61.8% fibo at 1.2082 and 1.2098 respectively but this scenario is rather unlikely. After breaking the support at 1.2013, the asset may fall to reach the mid-term 38.2% fibo at 1.1980.

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 the pair stop falling at 38.2% fibo and start a new rising wave. After completing it, the price may fall to break the low at 107.48 and then reach 50.0% fibo at 106.78. However, a more probable scenario implies a further uptrend towards the high and the fractal high at 110.97 and 111.71 respectively. After breaking the latter level, the asset may continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 112.30 and 113.13 respectively.

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

The H1 chart shows a new short-term correctional decline after a divergence on MACD, which managed to break 23.6% fibo but was later followed by another growth to break the high at 109.70. In this case, the asset is expected to continue rising towards the mid-term 76.0% fibo at 110.13. However, as long as the instrument is trading below the high, one shouldn’t exclude another decline to reach 38.2% and 50.0% fibo at 108.85 and 108.59.

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


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