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Fibonacci Retracements Analysis 19.10.2021 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

The daily chart of EURUSD shows that after finishing the “bearish” phase close to 50.0% fibo at 1.1493, the asset is starting a new movement to the upside. Convergence on MACD says this movement may be both a correction and a reversal to break the high at 1.2350. After the pullback is over, the pair may resume moving downwards to reach 50.0% and 61.8% fibo at 1.1493 and 1.1293 respectively.

Fibonacci Retracements Analysis 19.10.2021 EURUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows the potential correctional targets after local convergence on MACD – 23.6%, 38.2%, and 50.0% fibo at 1.1700, 1.1808, and 1.1895 respectively. On the other hand, a breakout of the low at 1.1529 will lead to a further downtrend.

Fibonacci Retracements Analysis 19.10.2021 EURUSD_H4
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 daily chart, USDJPY is forming a wave to the upside; it has already broken the post-correctional extension area between 138.2% and 161.8% fibo at 112.78 and 113.47 respectively and is currently heading towards 261.8% fibo at 116.40. The support is still the local low at 108.72.

Fibonacci Retracements Analysis 19.10.2021 USDJPY_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H4 chart shows divergence on MACD, which may indicate a possible descending correction soon towards 23.6%, 38.2%, and 50.0% fibo at 113.20, 112.42, and 111.78 respectively. The key resistance here is the high at 114.46.

Fibonacci Retracements Analysis 19.10.2021 USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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