Fibonacci Retracements Analysis 08.12.2020 (EURUSD, USDJPY)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

On H4, the quotations overcame the long-term high of 1.2011 and paused in the uptrend. The pair might be on the verge of a descending correction. When it is over, we can expect a new wave of growth to a post-correctional extension range of 138.2-161.8% (1.2167-1.2262) Fibo. The main support is at the fractal level of 1.1603.

На 1-часовом графике EURUSD можно рассмотреть начало нисходящей коррекции после дивергенции на MACD. Первая волна спада нацелена на уровень 23,6% по шкале Фибоначчи (1,2043), а следующая может направиться к уровням 38,2% (1,1958) и 50,0% (1,1890). Прорыв максимума на 1,2178 станет сигналом продолжения восходящей тенденции.

USDJPY, “US Dollar vs Japanese Yen”

On H4, the technical picture of the pair has hardly changed since a week ago. The pair keeps forming a consolidation channel. As long as there is a convergence on the MACD, we can expect the market to be preparing another wave of growth to 38.2% (106.43), 50.0% (107.44) Fibo. The main support is at 103.17, a breakaway of which will open a pathway down to the fractal low of 101.18.

On H1, there is a sideways movement going between 61.8% (104.91) and the low of 103.65. A breakaway of the highs might open a pathway to 76.0% (105.19) and the fractal level of 105.68. A breakaway of the local low at 103.65 might let the quotations decline to the main low of 103.17.

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.