Fibonacci Retracements Analysis 15.05.2019 (GBPUSD, EURJPY)

May 15, 2019

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after finishing the correctional uptrend, GBPUSD is forming a new descending wave to break the low at 1.2865. After that, the instrument may continue falling to reach the retracement of 61.8% at 1.2774 and then the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2746 and 1.2673 respectively. The resistance level is the local high 1.3176.

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 to reach the low at 1.2865. At the same time, there is a convergence on MACD, which may indicate a new pullback. The possible correctional targets may be the retracements of 23.6%, 38.2%, and 50.0% at 1.2940, 1.2984, and 1.3020 respectively.


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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, EURJPY is still trading downwards and has already reached the retracement of 50.0%. The next target may be the retracement of 61.8% at 121.61. At the same time, there is a convergence on MACD, which may indicate a possible pullback. The resistance level is the retracement of 23.6% at 125.25.

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

In the H1 chart, the convergence made the pair start a new sideways movement, which has already reached the retracement of 23.6%. The next targets of this pullback may be the retracements of 38.2% and 50.0% at 124.13 and 124.64 respectively.

EURJPY2

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.