Fibonacci Retracements Analysis 09.12.2020 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, the market renewed the last important high of 1.3482, but after a divergence the quotations started pulling back. When the correction is over, the growth might resume to the long-term level of 76.0% (1.3664) and then – to the post-correctional extension area of 138.2-161.8% (1.3792-1.3980) Fibo. The local resistance is at 1.3539.

On H1, we can see a correctional phase beginning. The first fast impulse of decline has reached 38.2% Fibo. Further falling might be aimed at 50.0% (1.3196) and 61.8% (1.3115), but the correctional growth we see might turn into a full-scale new wave of growth aiming above the peak of 1.3539.

EURJPY, “Euro vs Japanese Yen”

On H4, the wave of growth has stopped developing near the high of 127.07. After this high is broken, the quotations might rise to the medium-term level of 61.8% (128.65), and after it is broken – to the upper post-correctional extension range of 138.2-161.8% (129.15-130.40) Fibo. The main support is at the fractal low of 121.62.

On H1, the pair demonstrates sideways correctional dynamics inside a short-term local post-correctional extension area of 138.2-161.8% (126.02-126.56) Fibo. Then we expect a breakaway of the upper border of the current flat and a rise to the high of 127.07.

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.