Fibonacci Retracements Analysis 20.04.2021 (EURUSD, USDJPY)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the daily chart, after finishing the correctional decline at 38.2% fibo, the asset is forming a stable rising impulse, which may be considered as a new eave within the long-term uptrend. The closest upside target is the current high at 1.2350, a breakout of which may lead to a further uptrend towards the fractal at 1.2555 and the post-correctional extension area between 138.2% and 161.8% fibo at 1.2596 and 1.2750 respectively.

The H4 chart shows a more detailed structure of the current ascending wave. After breaking 50.0% fibo, the asset is approaching 61.8% fibo at 1,2103. Later, the market may continue growing to reach 76.0% fibo and the high at 1.2195 and 1.2350 respectively but a divergence on MACD may indicate a possible decline soon. If the pair breaks the low at 1.1704, the instrument may continue falling towards the mid-term 50.0% and 61.8% fibo at 1.1493 and 1.1292 respectively.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the pair is steadily correcting to the downside after a divergence on MACD. After testing 23.6% fibo, USDJPY is approaching 38.2% fibo at 107.77. the next downside targets may be 50.0% and 61.8% fibo at 106.78 and 105.80 respectively. Later, the market may complete the correction and start a new growth towards the high and the fractal high at 110.97 and 111.71 respectively.

In the H1 chart, there is a convergence on MACD, which may indicate a possible reversal towards 23.6%, 38.2%, and 50.0% fibo at 108.68, 109.12, and 109.47 respectively.

Article By RoboForex.com

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