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Fibonacci Retracements Analysis 13.07.2021 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset is rising after reaching 76.0% fibo and convergence on MACD. At the same time, if this convergence forces the asset to form not just a pullback but a proper ascending wave, the pair may reach the short/long-term highs at 1.2266 and 1.2350 respectively. However, if the price completes the pullback without updating the high, the instrument may fall to break the mid-term low at 1.1704 and then continue moving towards the long-term 50.0% fibo at 1.1695.

Fibonacci Retracements Analysis 13.07.2021 EURUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows potential correctional targets after convergence. At the moment, after completing a short-term sideways correction, the pair is approaching 23.6% fibo at 1.1895 and may later continue moving towards 38.2% and 50.0% fibo at 1.1966 and 1.2024 respectively. A breakout of the local low and the support at 1.1781 will complete the pullback and lead to a further downtrend.

Fibonacci Retracements Analysis 13.07.2021 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 first descending wave after divergence on MACD tested 23.6% fibo at 109.52 and then rebounded from it, which may be considered as a pullback to the upside. After the pullback is over, the instrument may start another descending wave to reach 38.2% and 50.0% fibo at 108.20 and 107.13 respectively. The local resistance is at 111.66.

Fibonacci Retracements Analysis 13.07.2021 USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a correctional uptrend after the previous descending impulse. By now, the pair has reached 38.2% fibo and may later continue growing towards 50.0% and 61.8% fibo at 110.60 and 110.85 respectively. After that, the instrument may start a new descending impulse to break the low at 109.53.

Fibonacci Retracements Analysis 13.07.2021 USDJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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