Fibonacci Retracements Analysis 05.01.2021 (EURUSD, USDJPY)

January 5, 2021

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, EURUSD is testing the high at 1.2310 and trying to break the post-correctional extension area between 138.2% and 161.8% fibo at 1.2167 and 1.2262 respectively. If the price breaks the high, the pair may continue growing to reach the long-term fractal high at 1.2555. At the same time, despite a stable trend to the upside, there is a divergence on MACD, which may indicate a possible descending correction soon with the targets at 23.6%, 38.2%, and 50.0% fibo at 1.2143, 1.2040, and 1.1956 respectively.

The H1 chart shows that after a short-term pullback, the asset is trying to fix above its previous high. The next possible targets are inside 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.

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USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the pair is still moving downwards after finishing the correction. Possibly, the asset may break the low at 102.70 and then continue falling to reach the fractal low at 101.18. However, considering a convergence on MACD, USDJPY may yet correct upwards to reach 23.6%, 38.2%, and 50.0% fibo at 104.82, 106.14, and 107.21 respectively.

In the H1 chart, the pair has broken an important support area; right now, it is falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 102.21 and 101.62 respectively.

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.

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Fibonacci Retracements Analysis 05.01.2021 (EURUSD, USDJPY)