Fibonacci Retracements Analysis 16.01.2018 (EUR/USD, USD/JPY)

EUR USD, “Euro vs US Dollar”

As we can see at the H4 chart, the EUR/USD pair is still moving upwards to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2291 and 1.2418 respectively. The main support level is at 1.2087.

At the H1 chart, the pair stopped forming the ascending impulse. In the short-term, the price is expected to be corrected downwards to reach the retracements of 23.6%, 38.2%, and 50.0% at 1.2210, 1.2157, and 1.2112 respectively.

USD JPY, “US Dollar vs. Japanese Yen”

As we can see at the H4 chart, the USD/JPY pair has broken the Triangle pattern downwards and continues forming the descending correction. The main targets of the correction are inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 109.73 and 109.05 respectively.

At the H1 chart, the price is falling steadily, but we also can see the convergence being formed, which may indicate a possible reverse in the nearest future. In this case, the targets will be the area between the retracements of 23.6% and 76.0% at 111.06 and 112.64 respectively.

RoboForex Analytical Department