Fibonacci Retracements Analysis 06.03.2019 (GBPUSD, EURJPY)

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is being corrected downwards to reach retracement of 50.0% at 1.3060. After completing the correction, the price may start a new rising impulse towards the high at 1.3350. If the pair breaks t, the instrument may continue growing to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3384 and 1.3489 respectively.

The H1 chart shows more detailed structure of the current decline towards the retracement of 50.0% at 1.3060. At the same time, there is a convergence on MACD, which may indicate a new correctional uptrend.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, after reaching the retracement of 61.8%, EURJPY is trading downwards. The downside target may be the retracement of 50.0% at 125.54. After finishing the correction, the price may resume growing to reach the retracement of 76.0% at 129.49. The resistance level is the high at 127.50.

In the H1 chart, the downtrend has reached the retracement of 38.2%. The next possible targets are the retracements of 50.0% and 61.8% at 125.87 and 125.48 respectively.