Fibonacci Retracements Analysis 08.04.2020 (GBPUSD, EURJPY)

April 8, 2020

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is forming a new rising tendency as a reversal of the previous downtrend. After breaking 23.6% fibo, the first ascending impulse has stopped at 38.2% fibo at 1.2545. The short-term scenario may be described as a correction of the first impulse. After finishing the correction, the pair may start another impulse to the upside to reach 38.2%, 50.0%, and 61.8% fibo at 1.2545, 1.2892, and 1.3242 respectively. If the price breaks the low at 1.1409, the instrument may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.1365 and 1.0996 respectively.

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

The H1 chart shows a more detailed structure of the current correction. The target of this pullback is 38.2% fibo (1.2092).


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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, after failing to break the local low at 116.13 and then falling towards 115.85, EURJPY may start a new growth or even a long-term ascending wave. The first signal of the new long-term tendency may be the price’s reaching 76.0% fibo at 121.25 and then breaking the high at 122.87. After breaking this level and forming a slight pullback, the instrument may resume growing to reach its long-term target at 38.2% fibo (124.13).

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

The H1 chart a more detailed structure of the current uptrend. The pair has already reached 38.2% fibo and may continue growing towards 50.0% and 61.8% fibo at 119.50 and 120.29 respectively. The support is the low at 116.35.

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.