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Fibonacci Retracements Analysis 02.06.2021 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, a divergence on MACD is making the pair start a new correctional decline after reaching the local high at 1.4241. However, a breakout of the high may lead to a further uptrend towards the long-term high at 1.4376 as soon as the price completes the above-mentioned pullback, which may reach the local support at 61.8% fibo. An alternative scenario implies that the price may continue falling towards the local low at 1.3669 and extend this correction down to 38.2% fibo at 1.3643.

Fibonacci Retracements Analysis 02.06.2021 GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows the potential correctional targets – 23.6%, 38.2%, and 50.0% fibo at 1.4113, 1.4028, and 1.3960 respectively. The local resistance is the high at 1.4250.

Fibonacci Retracements Analysis 02.06.2021 GBPUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURJPY, “Euro vs. Japanese Yen”

In the daily chart, after fixing above 76.0% fibo, EURJPY is still trading upwards to reach its key high at 137.50. At the same time, a divergence on MACD may hint at a possible descending correction after the price reaches its target and rebounds from it. The short-term target of this correction may be the support at 61.8% fibo (128.66).

Fibonacci Retracements Analysis 02.06.2021 EURJPY_D1
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 reaching 134.12, the pair is slowing down. One shouldn’t exclude a breakout of this level but the most probable scenario implies a new correction towards 23.6%, 38.2%, and 50.0% fibo at 131.17, 129.35, and 127.88 respectively.

Fibonacci Retracements Analysis 02.06.2021 EURJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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