Fibonacci Retracements Analysis 11.08.2020 (EURUSD, USDJPY)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the divergence made the pair stop at 61.8% fibo and start a new decline, which is getting closer to the key correctional target at 50.0% fibo (1.1595). After completing the correction, EURUSD may resume trading upwards to reach 76.0% fibo at 1.2095.

The H1 chart shows a more detailed structure of the current correctional downtrend, which has already reached 23.6% fibo and may continue towards 38.2% and 50.0% fibo at 1.1637 and 1.1551 respectively. However, if the price breaks the high at 1.1916, the correction will be over.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after reaching 61.8% fibo, the downtrend was stopped by the convergence on MACD, that’s why USDJPY is currently correcting upwards and has already reached 38.2% fibo and may later continue towards 50.0%, 61.8%, and 76.0% fibo at 107.02, 107.68, and 108.50 respectively. The key upside target is the fractal high at 109.85.

The H1 chart shows that after finishing the correctional decline towards 50.0% fibo, the pair is starting a new rising movement. Later, the price may break the high at 106.47 and then continue growing to reach 50.0% fibo at 107.02. The support is the fractal low at 104.18.

Article By RoboForex.com

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.