Fibonacci Retracements Analysis 23.07.2019 (EURUSD, USDJPY)

23.07.2019

EURUSD

On H4 the instrument has broken through the local minimum by another impulse for decline. The quotations are nearing 76.0% (1.1180) Fibo. Upon overcoming this level, a pathway to the main minimum at 1.1107 may open. The resistance is at 38.2% (1.1296). At the same time, a convergence is forming, which may signify a possible pullback around the minimum.

EURUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On H1 the quotations are diving deeper into the post-correctional extension area 138.2-161.8% (1.1158-1.1135) Fibo.

EURUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY

On H4 we can see the descending wave fail to reach the minimum of 106.78; the growth of the quotations that we are watching may turn out to be another upward wave inside the correction phase. Thus, we may suppose that the ascending impulse is aiming at 50.0% (109.58) Fibo.

USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On H1 a detailed picture of the upward dynamics after a convergence can be seen. Presently, the quotations are approaching 61.8% (108.31) Fibo, but the growth may go on to 76.0% (108.57) and later to the maximum at 108.99.

USDJPY_H1
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.