Fibonacci Retracements Analysis 29.07.2020 (GBPUSD, EURJPY)

July 29, 2020

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, after breaking the high at 1.2813, GBPUSD has reached the long-term 50.0% fibo. In the future, the pair may continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3026 and 1.3158 respectively. The key support is the fractal low at 1.2252.

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

The H1 chart shows a divergence on MAD, which may indicate a possible pullback soon. The correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 1.2849, 1.2785, and 1.2732 respectively. However, if the price breaks the high at 1.2953, the instrument may continue the uptrend.


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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 reaching the high at 124.43, EURJPY is starting a new pullback to the downside. If later the pair breaks the high, the market may continue growing towards the long-term 50.0% fibo at 125.94 and then the post-correctional extension area between 138.2% and 161.8% fibo at 126.38 and 127.57 respectively. However, this ascending movement may be possible only after the above-mentioned pullback. The support is the fractal low at 119.31.

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

In the H1 chart, the instrument is correcting after a local divergence on MACD. The first descending wave has already reached 23.6% fibo, while the next one can be heading towards 38.2% and 50.0% fibo at 122,75 and 121.28. A signal that the correction is over will be a breakout of the high at 124.29.

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.