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Fibonacci Retracement Analysis 03.08.2021 (EURUSD, USDJPY)

EURUSD, "Euro vs US Dollar"

On H4, there is a consolidation around 23.6% Fibo. This level was reached by the first wave of correctional growth after a convergence on the MACD. After an escape from the consolidation upwards, the quotations will head for 38.2% (1.1948) and 50.0% (1.2009). When the uptrend is over, a new impulse of decline to the current low of 1.1752 should form, and after it is broken away, the bearish trend will head for the long-term level of 38.2% (1.1695).

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

On H1, the consolidation narrowing can be seen in technical detail. It can be interpreted as a correction after a wave of growth. The first wave of decline overcome 23.6%, while 38.2% (1.1850) Fibo remained just slightly tested. In such circumstances, an impulse of decline might start to 38.2% (1.1850), and after it is broken away — to 50.0% (1.1831). First-hand, expect the consolidation to end in the quotations sprouting upwards and breaking through the high of 1.1909.

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"

On H4, the market is developing a bearish phase after a divergence. The first wave of decline reached 23.6% Fibo. However, after the pullback, we can see the second wave of decline forming. It aims at 38.2% (108.20) and 50.0% (107.13). Local resistance is at the level of 111.66.

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

On H1, the quotations are nearing the low of 109.06. A breakaway of this level will open a pathway into the post-correctional extension area of 138.2-161.8% Fibo (108.48-108.11). In it, the medium-term target level of 38.2% (108.20) lies. Resistance is at the high of 110.59.

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


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