Fibonacci Retracements Analysis 24.02.2021 (GBPUSD, EURJPY)

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GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, it’s been quite easy for the asset to break through the post-correctional extension area between 138.2% and 161.8% fibo at 1.3790 and 1.3980 respectively, as well as the psychologically-crucial level of 1.40. At the moment, GBPUSD continues growing towards the next target, which is the long-term fractal high at 1.4376. After reaching this level, the price may start a new pullback towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1.3973, 1.3726, 1.3525, and 1.3325 respectively.

The H1 chart shows a local divergence and the start of a new short-term correction to the downside, which is heading towards 23.6% at 1.4143 and may later continue towards 38.2% and 50.0% fibo at 1.4084 and 1.4035 respectively. The mid-term support is the low at 1.3830.

EURJPY, “Euro vs. Japanese Yen”

The H4 chart shows a stable uptrend. After breaking the high at 127.07 and fixing above it, EURJPY is approaching the long-term 61.8% fibo at 128.65, a breakout of which may lead to a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 129.16 and 130.43 respectively.

As we can see in the H1 chart, a local divergence on MACD made the pair start a new short-term decline to reach 38.2% fibo at 127.17. However, the current rising impulse may break the high at 128.45 and continue the uptrend. Anyway, the pair may yet rebound from the high and resume falling towards 50.0% and 61.8% fibo at 126.77 and 126.37 respectively.

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.