Fibonacci Retracements Analysis 09.07.2019 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after reaching mid-term 38.2% fibo, the correctional uptrend stopped. Later, there was a divergence on MACD to indicate a new decline, which was boosted by the Non-Farm Payrolls report. The closest downside target is the low at 1.1107. However, one shouldn’t ignore another scenario, according to which the pair may rebound from the support. In this case, EURUSD may continue the correction to reach 50.0% fibo at 1.1461.

In the H1 chart, after completing the descending impulse, EURUSD is trading sideways. There is a convergence on MACD, which may indicate a new correction to the upside towards 23.6% fibo at 1.1274. Later, the pair may break this level and start a new mid-term uptrend.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the correctional uptrend has reached 50.0% fibo and may yet continue towards 61.8% fibo at 109.18. However, one should remember that the current growth is just a correction within the long-term downtrend, which means that the instrument may start falling towards the low at 106.78 in the nearest future.

In the H1 chart, there was a local divergence on MACD, which made the pair start a new decline. The downside targets may be 23.6%, 38.2%, 50.0%, and 61.8% fibo at 108.57, 108.37, 108.21, and 108.05 respectively.