Fibonacci Retracements Analysis 11.07.2018 (GBPUSD, EURJPY)

11.07.2018

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, which has already reached the retracement of 23.6%. The next targets of this uptrend may be the retracements of 38.2% and 50.0% at 1.3554 and 1.3711 respectively. The support level is the low at 1.3049.

GBPUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the divergence made the pair reverse and start a new correction, which has already reached the retracement of 50.0%. The next target is the retracement of 61.8% at 1.3168. If the price breaks the high at 1.3363, the mid-term uptrend may continue.

GBPUSD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

 

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, after breaking the resistance level, EURJPY continues the correction to the upside. The closest targets may be the retracements of 50.0% and 61.8% at 131.050 and 132.560 respectively. The support level is the low at 127.650.

EURJPY1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the divergence made the pair reverse and start a new descending correction, which has already reached the retracement of 38.2%. The next downside targets are the retracements of 50.0% and 61.8% at 129.620 and 129.350 respectively. The resistance level is the high at 130.730.

EURJPY2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.

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