Fibonacci Retracements Analysis 03.03.2021 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after skyrocketing to 1.4241, GBPUSD is forming a mid-term descending pullback, which has already reached 23.6% fibo; right now, the pair is correcting. After completing this slight correction, the decline may continue to reach 38.2%, 50.0%, and 61.8% fibo at 1.3642, 1.3459, and 1.3273 respectively. A breakout of the high will result in a further uptrend towards the long-term fractal high at 1.4376.

The H1 chart shows that the short-term correctional ascending impulse has reached 23.5% after a convergence and may later continue towards 38.2% and 50.0% fibo at 1.4005 and 1.4050 respectively. A breakout of the low at 1.3859 will result in a further mid-term downtrend.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, after breaking 61.8% fibo at 128.68 and then testing the post-correctional extension area between 138.2% and 161.8% fibo at 129.16 and 130.43 respectively, EURJPY has formed a pullback. At the moment, the pair is resuming its growth towards the above-mentioned area and may later continue the uptrend to reach 76.0% at 131.95.

In the H1 chart, the correctional downtrend has failed to reach 38.2% fibo at 128.10, meaning that the current growth is just a slight short-term pullback, which may be followed by another descending wave. A further downtrend may be heading towards 50.0% and 61.8% fibo at 127.53 and 126.95 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.