Fibonacci Retracements Analysis 24.04.2018 (EURUSD, USDJPY)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is forming a new descending impulse. If the instrument breaks the short-term low, the pair may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2140 and 1.2092 respectively.
In the H1 chart, the downtrend is moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2140 and 1.2092 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY hasn’t been able to continue falling and right now is moving upwards to reach the retracement of 50.0% at 109.18 instead. The next upside target may be the retracement of 61.8% at 110.26. The support level is at 106.77.
In the H1 chart, the uptrend continue towards the retracement of 50.0% at 109.18.
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