RoboForex - Analytics

RoboForex

872.75 5.25/10
79% of positive reviews
Real
How to join the service?

Fibonacci Retracements Analysis 18.05.2021 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

The H4 chart shows that after completing the short-term pullback, EURUSD is forming another rising impulse, which is now approaching 76.0% fibo at 1.2195. A breakout of this level may lead to a further uptrend towards the long-term high at 1.2340 but a divergence on MACD may hint at a new descending correction to reach the support at 50.0% fibo (1.2027). One shouldn’t also exclude a further decline towards the low at 1.1704.

Fibonacci Retracements Analysis 18.05.2021 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 H1 chart, after finishing the correctional downtrend at 23.6% fibo, EURUSD is growing to reach the local high at 1.2182. Taking into account a local divergence on MACD, the pair may rebound from the high to start a new descending wave towards 38.2% and 50.0% fibo at 1.1999 and 1.1943 respectively.

Fibonacci Retracements Analysis 18.05.2021 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, the rising movement has slowed down after a convergence on MACD. One should also note that the MACD indicator is forming a divergence, which may hint at a new descending wave to deepen the correction towards 50.0% and 61.8% fibo at 106.78 and 105.80 respectively. At the same time, one shouldn’t exclude an alternative scenario that implies a further uptrend to reach the high at 110.97.

Fibonacci Retracements Analysis 18.05.2021 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 decline after a divergence on MACD. At the moment, USDJPY is testing 23.6% fibo and may later continue falling towards 38.2%, 50.0%, and 61.8% fibo at 108.91, 108.64, and 108.36 respectively. The resistance is the local high at 109.79.

Fibonacci Retracements Analysis 18.05.2021 USDJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


To leave a comment you must or Join us


By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree