Fibonacci Retracements Analysis 29.12.2020 (EURUSD, USDJPY)

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EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after a divergence on MACD, EURUSD is stuck within the post-correctional extension area between 138.2% and 161.8% fibo at 1.2167 and 1.2262 respectively. The first descending impulse tried to reach 23.6% fibo at 1.2115 but failed. If the asset fails to break the high at 1.2273, it may start a new decline towards 38.2% and 50.0% fibo at 1.2018 and 1.1937 respectively. However, if the price does break the high, the pair may continue growing to reach the long-term fractal high at 1.2555.

The H1 chart shows potential upside targets. The asset has already reached 76.0% fibo. If the price breaks the high at 1.2273, it may move upwards to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1.2327 and 1.2362 respectively. On the other hand, if EURUSD breaks the local low at 1.2130 again, the asset may continue the mid-term correction to the downside.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the pair is trying to start a new correction to the upside after a convergence on MACD. The correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 104.95, 106.25, and 107.28 respectively. After breaking the low at 102.87, USDJPY may continue falling towards the fractal low at 101.18.

In the H1 chart, the pair is consolidating around 23.6% fibo; this movement may be considered as a correction. If the price breaks this range to the upside, the market may resume trading upwards to reach 38.2%, 50.0%, and 61.8% fibo at 103.94, 104.28, and 104.61 respectively.

Article By RoboForex.com

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