Fibonacci Retracements Analysis 09.10.2019 (GBPUSD, EURJPY)

October 9, 2019

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after finishing the short-term correction and updating the local low, GBPUSD has reached 61.8% fibo. The next downside target is 76.0% fibo at 1.2108. If the pair is able to break this level, it may try to test the low at 1.1958 and once again enter the post-correctional extension area between 138.2% and 161.8% fibo at 1.2019 and 1.1788 respectively.

GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is testing 61.8% fibo. Later, the price is expected to fall towards 76.0% fibo at 1.2108.


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GBPUSD_H1
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 complete the descending wave at 61.8% fibo. The current situation may be considered as the start of another mid-term rising wave. However, one shouldn’t exclude a possibility of further decline towards 76.0% fibo at 116.86 in the short-term, but the main scenario implies that the price is expected to move upwards. The first rising impulse has already reached 23.6% fibo. After a slight pullback, the impulse may continue towards 38.2%, 50.0%, 61.8%, and 76.0% fibo at 118.19, 118.54, 118.89, and 119.30 respectively. The key target is the high at 120.01.

EURJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the price is falling to reach 23.6% fibo. After breaking the local low at 117.07, the mid-term descending tendency may continue towards 76.0% fibo at 116.86.

EURJPY_H1

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.