Fibonacci Retracements Analysis 06.04.2021 (EURUSD, USDJPY)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

On D1, the pair demonstrates a bounce after a test of 38.2% (1.1695) Fibo. Such a bounce should be interpreted as a correction of the previous wave of decline. After the pullback, we should expect a new wave of decline aiming at a breakaway of 38.2% (1.1695) and further down to 50.0% (1.1493) and 61.8% (1.1292).

On H4, there is an ascending correction beginning after a convergence on the MACD. By now, the quotations have neared the first target level of 23.6% (1.1832). Further growth can be aimed at 38.2% (1.1910) and 50.0% (1.1974) Fibo. A breakaway of the local low of 1.1704 will signal the continuation of the medium-term downtrend.

USDJPY, “US Dollar vs Japanese Yen”

On D1, the wave of growth has failed to rise to the long-term fractal high of 111.71. The market seems to be preparing a pullback, and when it is over, a new wave aiming at a breakaway of the high is likely to start. After the breakaway, the quotations might head for the post-correctional extension area of 138.2-161.8% (115.18-117.35) Fibo. The local support level is 61.8% (108.23) Fibo.

On H4, there is a declining impulse beginning as a correction after a lengthy uptrend. The aims of the correction might be 23.6% (109.00), 38.2% (107.77), and 50.0% (106.78) Fibo. A breakaway of the local high of 110.97 will signal the continuation of the uptrend.

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.