Fibonacci Retracements Analysis 17.10.2017 (GBP/USD, EUR/JPY)

17.10.2017

GBP USD, “Great Britain Pound vs US Dollar”

As we can see at the H4 chart, the GBP/USD pair is being corrected to the upside. The price has already reached the retracement of 50.0%. The next targets are the retracements of 61.8% and 76.0% at 1.3416 and 1.3505 respectively. The support level is the low at 1.30268.

GBPUSD1

At the H1 chart, the pair is forming the short-term correction to the downside, which has already reached the retracement of 50.0% and may continue towards the one of 61.8% at 1.3203. After completing the correction, the instrument may start a new ascending impulse. If the price breaks the local high at 1.3342, it will continue growing towards the next targets.

GBPUSD2

 

EUR JPY, “Euro vs. Japanese Yen”

As we can see at the H4 chart, the EUR/JPY pair is still being corrected towards the retracement of 38.2%.  The next targets of this descending correction may be the retracement of 50.0% and 61.8% at 130.97 and 130.18 respectively.

EURJPY1

At the H1 chart, the pair is being corrected to the upside. By now, the correction has already reached the retracement of 38.2%. the next targets are the retracement of 50.0% and 61.8% at 132.57 and 132.78 respectively. After breaking the local low at 131.65, the price is expected to continue falling towards 130.97.

EURJPY2

 

RoboForex Analytical Department

 

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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.