Fibonacci Retracements Analysis 11.12.2018 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the mid-term correction continues. EURUSD has reached the resistance at the retracement of 38.2% and rebounded from it. If later the price breaks this level and fixed above it, the instrument may continue growing towards the retracements of 50.0% and 61.8% at 1.1516 and 1.1587 respectively. The key support level is at 1.1216.

In the H1 chart, the divergence made EURUSD reverse and start a new descending correction, which has already reached the retracement of 50.0%. The next downside target of this pullback may be the retracements of 61.8% and 76.0% at 1.1334 and 1.1309 respectively. However, if the price breaks the local high at 1.1442, the instrument may start a new mid-term uptrend.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY has completed the previous descending impulse near the retracement of 23.6% at 112.20. If the price breaks the current support level, it may continue the mid-term correctional downtrend towards the previous low at 111.37 or even the retracement of 38.2% at 110.76. The key resistance is still at 114.55.

In the H1 chart, the convergence made the pair start a new correctional uptrend, which has already reached the retracement of 61.8%. Later, it may continue growing towards the retracement of 76.0% at 113.30. The key resistance is the current high at 114.03.