Fibonacci Retracements Analysis 06.10.2021 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the daily chart, the asset is correcting upwards after completing a strong descending movement. Possibly, the asset may finish the pullback and resume falling towards 38.2% and 50.0% fibo at 1.3166 and 1.2830 respectively. The key resistance is the high at 1.4250.

In the H4 chart, after breaking 38.2% fibo, the correctional uptrend has failed to reach 50.0% fibo at 1.3664. The pair may yet try to reach this level but the main scenario implies a further downtrend to break the low at 1.3412.

EURJPY, “Euro vs. Japanese Yen”

In the H4 chart, the correction continues. Possibly, the correction may transform into a consolidation range but one shouldn’t exclude a possibility of a further uptrend to reach 50.0% and 61.8% fibo at 131.03 and 131.75 respectively. A breakout of the key support at 127.93 will lead to a test of the long-term 50.0% fibo at 127.87.

The H1 chart shows that the decline after divergence on MACD has reached 76.0% fibo. At the moment, the price is forming a new impulse to the upside to reach the high at 130.47, a breakout of which will result in a further uptrend.

Article By RoboForex.com

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