Fibonacci Retracements Analysis 20.02.2018 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after testing the high, EURUSD started a new correction, which has already reached the retracement of 23.6%. This descending correction may yet continue towards the retracements of 38.2% and 50.0% at 1.2235 and 1.2135 respectively. After completing the correction, the price may start a new ascending impulse to break the high at 1.2553. In this case, later the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2668 and 1.2744 respectively.

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

In the H1 chart, the pair is being corrected downwards; it has already reached the retracement of 61.8% and may yet continue towards the one of 76.0% at 1.2312. After reaching the targets, the instrument may start a new ascending correction. Possible targets of this pullback are the retracements of 50.0%, 61.8%, and 76.0% at 1.2433, 1.2462, and 1.2497 respectively.

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

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is being corrected upwards. The targets of this correctional uptrend are the retracements of 38.2%, 50.0%, and 61.8% at 107.43, 108.02, and 108.60 respectively. The main support level is the low at 105.54.

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

In the H1 chart, the situation is similar and confirms the scenario described above.

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

RoboForex Analytical Department