Fibonacci Retracements Analysis 04.07.2018 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, the convergence made GBPUSD start a new correction to the upside. The possible targets of this uptrend may be the retracements of 23.6% and 38.2% at 1.3362 and 1.3556 respectively. The support level is the low at 1.3049.
In the H1 chart, the pair is trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3261 and 1.3290 respectively.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, EURJPY is still being corrected to the upside. The targets of this mid-term correction may be the retracements of 50.0% and 61.8% at 131.055 and 132.575 respectively. The support level is the low at 124.619.
In the H1 chart, the pair is moving upwards. The closest target is the local high at 130.352. After breaking it, the instrument may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 131.760 and 132.630 respectively. The support level is at 128.055.
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.