Fibonacci Retracements Analysis 21.11.2018 (GBPUSD, EURJPY)

22nd November 2018 Off By binary
Fibonacci Retracements Analysis 21.11.2018 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is being corrected to the upside and has already reached the retracement of 23.6%. In case the correction continues, the possible targets may be the retracements of 38.2%, 50.0%, and 61.8% at 1.2896, 1.2949, and 1.3001 respectively. If the pair breaks the local support at 1.2723, the instrument may fall to test the key support level at 1.2661.

GBPUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart show more detailed structure of the current correction with a local consolidation range before a new rising impulse.

GBPUSD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, after being corrected by 50.0%, EURJPY hasn’t been able to reach the support level. The current consolidation range in the form of the Flag indicates that the correctional uptrend may yet continue. The upside target may be the retracements of 61.8% and 76.0% at 130.65 and 131.57 respectively.

EURJPY1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair continues moving sideways inside the ascending correction; it has already reached the retracement of 61.8%. The next possible upside targets may be the retracement of 76.0% at 129.51 or even the high at 130.14. The support level is at 127.50.

EURJPY2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

Read more and Click Here To Get Started