Fibonacci Retracements Analysis 31.10.2018 (GBPUSD, EURJPY)

1st November 2018 Off By binary
Fibonacci Retracements Analysis 31.10.2018 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is trading towards the low at 1.2662. If the price breaks this level, it may continue moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2417 and 1.2270 respectively. At the same time, there is a convergence, which may indicate a possible short-term pullback.

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

In the H1 chart, there is a convergence, which may indicate a new pullback to the upside after the pair reaches the low at 1.2662. The possible targets are the retracements of 23.6%, 38.2%, and 50.0% at 1.2799, a.2882, and 1.2950 respectively.

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, the convergence made EURJPY reverse and start a new correction to the upside, which has already reached the retracement of 23.6%. The next possible targets are the retracements of 38.2% and 50.0% at 129.11 and 129.87 respectively. The support level is at 126.63.

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

In the H1 chart, there is a divergence, which may indicate a possible pullback in the nearest future. The targets may be the retracements of 23.6%, 38.2%, and 50.0% at 128.08, 127.82, and 127.59 respectively.

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.

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