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Fibonacci Retracements Analysis 16.06.2021 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is finishing the correctional decline at 38.2% fibo (1.4028) and may later start a new growth towards the local high at 1.4250, a breakout of which may lead to a further uptrend towards the long-term high at 1.4376. However, as long as the pair is moving below the high, there might be another scenario, which implies one more descending impulse to reach 50.0% and 61.8% fibo at 1.3960 and 1.3891 respectively.

Fibonacci Retracements Analysis 16.06.2021 GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, GBPUSD is growing after a convergence on MACD and has already reached 23.6% fibo. Later, the price may continue moving upwards to reach 38.2%, 50.0%, 61.8%, and 76.0% fibo at 1.4116, 1.4142. 1.4167. and 1.4198 respectively. However, the key upside target is the high at 1.4250, a breakout of which may lead to a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.4332 and 1.4384 respectively. The support is the local low at 1.4034.

Fibonacci Retracements Analysis 16.06.2021 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 H4 chart, the situation hasn’t changed much; however, the decline was rather weak and couldn’t even reach 23.6% fibo at 131.17. Still, as long as the price is moving below the high, there might be another scenario, which implies a new descending wave towards 38.2% and 50.0% fibo at 129.35 and 127.88 respectively. At the same time, a breakout of the current high at 134.12 will complete the correction and lead to a further uptrend towards the key high at 137.50.

Fibonacci Retracements Analysis 16.06.2021 EURJPY_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, the asset is trading upwards after a convergence on MACD. It has already reached 61.8% fibo and may later continue growing towards 76.0% fibo and the high at 133.77 and 134.12 respectively, a breakout of which will lead to a further uptrend to reach the post-correctional extension area between 138.2% and 161.8% fibo at 134.68 and 135.03 respectively. The support is the low at 132.65.

Fibonacci Retracements Analysis 16.06.2021 EURJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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