Fibonacci Retracements Analysis 18.11.2020 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, there is a stable uptrend. GBPUSD has already reached 76.0% fibo and may attack the high at 1.3482. If the pair breaks it, the asset may continue growing towards the long-term 76.0% fibo at 1.3664 or even the post-correctional extension area between 138.2% and 161.8% fibo at 1.3792 and 1.3980 respectively. At the same time, another scenario says that the price may rebound from the high, but this scenario seems rather unlikely. However, if it happens, the instrument may break the low at 1.2675 and then continue falling to reach the mid-term 50.0% fibo at 1.2448.

The H1 chart shows a new rising wave after a correctional decline towards 38.2% fibo. The short-term upside target is the high at 1.3313, a breakout of which may result in further growth towards the key high at 1.3482. However, if the instrument rebound from the high, the pair may start a new decline to reach 50.0% fibo at 1.3083.

EURJPY, “Euro vs. Japanese Yen”

In the H4 chart, the asset is correcting to the downside after an uptrend and a divergence on MACD, and has already reached 38.2% fibo. The next descending wave may be heading towards 50.0% and 61.8% fibo at 120.74 and 119.24 respectively. However, considering a convergence on MACD and a quick rising wave after it, the “bullish” scenario is more probable. In this case, the upside target will be the high at 127.07. If later the price breaks the high, the instrument may continue trading upwards to reach the mid-term 61.8% fibo at 128.65.

The H1 chart shows a Flag-shaped correctional structure after a rising impulse, which has reached 61.8% fibo. Right now, there is a convergence on MACD, which may hint at a possible ascending wave soon; the upside target is 76.0% fibo at 125.76. After breaking this level, the market may continue growing towards the next target, the high at 127.07. The key support is the fractal low at 121.62.

Article By RoboForex.com

Attention!
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.