Fibonacci Retracements Analysis 21.07.2021 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after completing the correction not far from 23.6% fibo, GBPUSD is moving downwards and has already broken 38.2% fibo. Later, the market may continue trading downwards to reach 50.0% and 61.8% fibo at 1.3463 and 1.3277 respectively. The resistance remains the same, 1.4250. The asset may reach this level but only after testing 61.8% fibo at 1.3277.

The H1 chart shows a potential of the current correction after convergence on MACD and a breakout of the post-correctional extension area. The first rising wave is heading towards 23.6% fibo at 1.3651, while the next ones may reach 38.2%, 50.0%, and 61.8% fibo at 1.3701, 1.3741, and 1.3781 respectively. The support is the low at 1.3572.

EURJPY, “Euro vs. Japanese Yen”

In the H4 chart, after breaking 38.1% fibo, EURJPY has returned to it, probably due to convergence on MACD. However, so far this movement should be considered as a short-term pullback and the market may later resume falling to reach and test 50.0% fibo at 127.87. After that, the instrument may reverse and start a wave to the upside towards the high at 134.12.

As we can see in the H1 chart, the asset is forming a pullback and testing 23.6% fibo at 129.56. The next rising wave may reach 38.2%, 50.0%, and 61.8% fibo at 130.16, 130.65, and 131.13 respectively. On the other hand, a breakout of the low at 128.60 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.