Fibonacci Retracements Analysis 23.02.2022 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is still consolidating around 38.2% fibo and this consolidation range may later be followed by a new rising impulse. The mid-term upside targets may be 61.8% and 76.0% fibo at 1.3833 and 1.3987 respectively. The key support remains at the low at 1.3160.

The H1 chart shows that the pair has tested 61.8% fibo several times; right now, the asset is testing it again. In this case, the price is expected to continue trading upwards. The upside targets are 76.0% fibo and the high at 1.3655 and 1.3749 respectively. The local support is at 1.3358.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, EURJPY is completing the descending correction, which may be followed by a new wave to the upside to reach the high at 134.12. The support is the low at 127.38.

The H1 chart shows a more detailed structure of the current price movement. Divergence on MACD made the asset stop falling at 76.0% fibo and start a new growth, which has already reached 38.2% fibo at 130.80. After a slight pullback, the pair may resume growing to reach 50.0%, 61.8%, and 76.0% fibo at 131.26, 131.71, and 132.24 respectively, and then the high at 133.15. The local support is the low at 129.36.

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.