RoboForex - Analytics

RoboForex

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

Fibonacci Retracements Analysis 20.07.2021 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset is slowly falling towards the fractal low at 1.1704, a breakout of which may lead to a further downtrend to reach 50.0% fibo at 1.1695. The overall picture shows a series of updates of lows along with slight pullbacks. Coupled together with convergence on MACD, this factor implies a possible correction to the upside soon.

Fibonacci Retracements Analysis 20.07.2021  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, the [pair is falling to test the low at 1.1764. After rebounding from this level, the asset may correct upwards to reach 23.6%, 38.2%, and 50.0% fibo at 1.1882, 1.1956, and 1.2015 respectively. A breakout of the local low and the support at 1.1764 will complete the pullback and lead to a further downtrend.

Fibonacci Retracements Analysis 20.07.2021 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 mid-term downtrend continues. 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% fibo at 108.20, while the next downside target will be at 50.0% fibo at 107.13. The local resistance is at 111.66.

Fibonacci Retracements Analysis 20.07.2021 USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a breakout of 23.6% fibo and a test of this level from below. The closest downside targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 109.08 and 108.81 respectively. The local resistance is at 110.70.

Fibonacci Retracements Analysis 20.07.2021 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