Fibonacci Retracements Analysis 19.10.2021 (EURUSD, USDJPY)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

The daily chart of EURUSD shows that after finishing the “bearish” phase close to 50.0% fibo at 1.1493, the asset is starting a new movement to the upside. Convergence on MACD says this movement may be both a correction and a reversal to break the high at 1.2350. After the pullback is over, the pair may resume moving downwards to reach 50.0% and 61.8% fibo at 1.1493 and 1.1293 respectively.

The H1 chart shows the potential correctional targets after local convergence on MACD – 23.6%, 38.2%, and 50.0% fibo at 1.1700, 1.1808, and 1.1895 respectively. On the other hand, a breakout of the low at 1.1529 will lead to a further downtrend.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the daily chart, USDJPY is forming a wave to the upside; it has already broken the post-correctional extension area between 138.2% and 161.8% fibo at 112.78 and 113.47 respectively and is currently heading towards 261.8% fibo at 116.40. The support is still the local low at 108.72.

The H4 chart shows divergence on MACD, which may indicate a possible descending correction soon towards 23.6%, 38.2%, and 50.0% fibo at 113.20, 112.42, and 111.78 respectively. The key resistance here is the high at 114.46.

Article By RoboForex.com

Attention!
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.