Fibonacci Retracements Analysis 25.11.2020 (GBPUSD, EURJPY)

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GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, the ascending tendency continues. GBPUSD has already broken 76.0% fibo and may soon attack the high at 1.3482. At the same time, one can see divergence on MACD to indicate a possible pullback in the nearest future with the target at the local support at 61.8% fibo (1.3174). However, if the asset yet breaks the high at 1.4382, the instrument may continue growing to reach the long-term 76.0% fibo at 1.3664.

The H1 chart shows a correctional Triangle pattern. Later, the pattern may be followed by further growth towards the high and a divergence. After that, the instrument may start a new pullback to reach 23.6%, 38.2%, and 50.0% fibo at 1.3334, 1.3241, and 1.3168 respectively.

EURJPY, “Euro vs. Japanese Yen”

In the H4 chart, the asset is forming a new rising impulse after finishing the correction. The first structure has already reached 61.8% fibo, while the second one may continue towards 76.0% fibo at 125.76 and then 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. At the same time, the asset may rebound from the high and start a new descending wave towards the key support and 50.0% fibo at 121.62 and 120.74 respectively.

The H1 chart shows a new rising impulse, which has reached 61.8% fibo. The next upside targets may be 76.0% fibo and the local high at 124.59 and 125.14 respectively. The key support is the fractal low at 122.84.

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.