Fibonacci Retracements Analysis 12.12.2017 (EUR/USD, USD/JPY)
EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, the descending correction has already reached the retracement of 50.0%. The next targets of the correction may be the retracements of 61.8% and 76.0% at 1.1709 and 1.1652 respectively. However, before this the price has to complete a short-term correction to the upside.
At the H1 chart, the EUR/UISD pair may continue the correction, which has already reached the retracement of 38.2%. The next targets are the retracements of 50.0% and 61.8% at 1.1832 and 1.1856 respectively.
USD JPY, “US Dollar vs. Japanese Yen”
At the H4 chart, the USD/JPY pair reached the post-correctional extension area between the retracements of 138.2% and 161.8% and started a new correction, which has already reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2%, 50.0% and 61.8% at 113.03, 112.83, and 112.63 respectively.
At the H1 chart, the situation is similar and confirms the scenario described above.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.