Fibonacci Retracements Analysis 14.07.2021 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is moving upwards after convergence on MACD. This technical picture implies some uncertainty on the market. It means that the asset has two possible scenarios and may both head towards the high at 1.4250 and continue its mid-term decline. In the case of the first scenario, the pair may break 1.4250 and continue growing to reach the fractal high at 1.4376. On the other hand, if the current movement transforms into a proper descending wave, its closest target will be the mid-term 38.2% fibo at 1.3648.

The H1 chart shows a potential of the current correction after convergence on MACD. Both the first and the second waves earlier reached 23.6% fibo, so the next ones may be heading towards 38.2%, 50.0%, and 61.8% fibo at 1.3929, 1.3991, and 1.4052 respectively. The support is the low at 1.3731.

EURJPY, “Euro vs. Japanese Yen”

In the H4 chart, EURJPY is correcting upwards after convergence on MACD. After this pullback is over, the pair may start a new descending wave towards 38.2% and 50.0% fibo at 129.35 and 127.88 respectively. At the same time, one should remember that this convergence may force a proper wave to the upside to break the high at 134.12.

As we can see in the H1 chart, the asset is forming a pullback after a correctional uptrend towards 23.6% fibo. The next wave to the upside may reach 38.2%, 50.0%, and 61.8% fibo at 131.34, 131.87, and 132.40 respectively. On the other hand, a breakout of the low at 129.62 will lead to a further mid-term downtrend.

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.