Fibonacci Retracements Analysis 24.03.2021 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after completing the consolidation range around 23.6% fibo, the asset has started another descending wave and may fall to reach 38.2%, 50.0%, and 61.8% fibo at 1.3643, 1.3457, and 1.3272 respectively. A breakout of the high at 1.4241 will result in a further uptrend towards the long-term fractal high at 1.4376.

In the H1 chart, after correcting to the upside and almost reaching 50.0% fibo, the asset started a new decline, which has already broken the low at 1.3778. As a result, the pair may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3691 and 1.3638 respectively.

EURJPY, “Euro vs. Japanese Yen”

The H4 chart shows that after trying to break the upside border of the post-correctional extension area between 138.2% and 161.8% fibo at 129.15 and 130.44 respectively and failing, the pair started a new decline due to a divergence on MACD, which may later transform a proper mid-term tendency to the downside. By now, the asset has already reached 23.6% fibo and may later continue falling towards 38.2%, 50.0%, and 61.8% fibo at 127.20, 126.14, and 125.08 respectively. The resistance is the high at 130.66.

In the H1 chart, the par is steadily moving downwards to reach 23.6% fibo or even and 38.2% fibo at 127.20.

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.