Fibonacci Retracements Analysis 06.02.2019 (GBPUSD, EURJPY)

February 6, 2019

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after reaching the retracement of 38.2%, GBPUSD is forming a descending correction towards the retracement of 23.6% at 1.2863. After finishing the correction, the pair may form one more ascending impulse to reach the retracements of 50.0% and 61.8% at 1.3384 and 1.3617 respectively.

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

In the H1 chart, the pair is trading downwards and getting closer to the retracement of 38.2% at 1.2903. The next possible target may be the retracement of 50.0% at 1.2807. However, there is a convergence on MACD, which may indicate a new rising impulse after the price reaches its target. The resistance level is the high at 1.3216.


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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 the correctional uptrend had reached the retracement of 50.0%, there was a divergence on MACD, which made EURJPY start a new decline. The downside target may be the support level, the retracement of 38.2% at 123.76. Another possible scenario implies a new impulse to the upside towards the retracement of 61.8% at 127.33.

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

In the H1 chart, the pair is trading downwards. The targets of this decline may be the retracements of 23.6% and 38.2% at 124.06 and 122.90 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.