Fibonacci Retracements Analysis 07.05.2019 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, EURUSD has already been corrected to the upside by 38.2% and may continue growing towards the retracements of 50.0% and 61.8% at 1.1279 and 1.1319 respectively. The key support level is the low at 1.1110.

In the H1 chart, the pair has broken the Triangle pattern upwards. The closest upside target is the retracement of 38.2%.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the divergence made USDJPY reverse and start a new decline, which has already reached the retracement of 23.6%. The next downside target may be the retracement of 38.2% at 109.38. The key resistance level is the high at 112.40.

In the H1 chart, the price is testing the retracement of 23.6%. The next target may be the retracement of 38.2%.