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Fibonacci Retracements Analysis 17.08.2021 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, convergence on MACD prevented the asset from breaking 38.2% fibo at 1.1695; right now, it is correcting upwards. The closest target is 23.6% fibo at 1.1838, while the next ones may be 38.2%, 50.0%, and 61.8% fibo at 1.1920, 1.1985, and 1.2051 respectively. After that, the instrument is expected to reverse and forming a new descending wave to reach the current support, which is the low at 1.1706.

Fibonacci Retracements Analysis 17.08.2021 EURUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows that a quick growth was followed by a local pullback, which has almost reached 50.0% fibo at 1.1764 and may later continue towards 61.8% fibo at 1.1754. After that, the asset may resume growing to reach the previous high at 1.1805.

Fibonacci Retracements Analysis 17.08.2021 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, after completing the correctional uptrend, USDJPY is forming a new mid-term wave to the downside, which is heading towards 38.2% and 50.0% fibo at 108.20 and 107.13 respectively. The local resistance is still the high at 111.66.

Fibonacci Retracements Analysis 17.08.2021 USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a more detailed structure of the new descending wave, which has already tested 76.0% fibo and may later continue to break the low at 108.72 and reach 38.2% fibo at 108.20. The local resistance is at 110.80.

Fibonacci Retracements Analysis 17.08.2021 USDJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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