Fibonacci Retracements Analysis 19.05.2021 (GBPUSD, EURJPY)

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GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the pair continues growing towards the high at 1.4241. At the same time, despite a stable uptrend, there is a divergence on MACD, which may indicate a possible pullback after GBPUSD reaches its target level. A breakout of the local high at 1.4241 will lead to a further uptrend to reach the long-term high at 1.4376. An alternative scenario implies that the price may rebound from the high due to a divergence and resume falling to reach 38.2%, 50.0%, and 61.8% fibo at 1.3643, 1.3459, and 1.3273 respectively.

The H1 chart shows a more detailed structure of the current growth and a divergence on MACD, as well as potential correctional targets, which are 23.6%, 38.2%, 50.0%, 61.8%, and 76.0% fibo at 1.4106, 1.4022, 1.3955, 1.3887, and 1.3806 respectively.

EURJPY, “Euro vs. Japanese Yen”

In the daily chart, after breaking 76.0% fibo, EURJPY is still trading upwards to reach its key high at 137.50. At the same time, a divergence on MACD may hint at a possible correction after the price reaches its target. The target of this correction may be the local support at 61.8% fibo (128.66). If the instrument breaks this level, it may form a new descending impulse towards the low at 114.40.

The H4 chart shows possible correctional targets after a divergence on MACD – 23.6%, 38.2%, 50.0%, and 61.8% fibo at 133.74, 131.45, 129.57, and 127.69 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.