Fibonacci Retracements Analysis 24.09.2019 (EURUSD, USDJPY)

24.09.2019

EURUSD, “Euro vs US Dollar”

In the H4 chart, EURUSD is forming another correctional wave towards the low and the post-correctional extension area between 138.2% and 161.8% fibo at 1.0942 and 1.0889 respectively. However, we shouldn’t exclude a possibility that the pair may test the low and rebound from it. In this case, the instrument may trade upwards to reach the local high at 1.1109, then 61.8%, and 76.0% fibo at 1.1126 and 1.1172 respectively.

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

Looking at the H1 chart, we may assume that the price’s reaching 76.0% fibo with a pullback towards 61.8% fibo is a temporary thing. In this case, the pair is expected to form a new descending impulse to reach 1.0927. At the same time, there is a convergence on MACD, which may indicate a possible reverse in the nearest future.

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

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, having completed the correctional uptrend at 50.0% fibo, USDJPY is starting a new descending wave after the divergence on MACD. By now, the pair has already reached 23.6% fibo and may continue moving towards 38.2%, 50.0%, and 61.8% fibo at 106.46, 105.99, and 105.42 respectively. The key target of the current descending wave is the low at 104.45.

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

In the H1 chart, the pair started a new short-term pullback, which has already reached 23.6% fibo. In the future, the correction may continue towards 38.2% and 50.0% fibo at 107.76 and 107.89 respectively. If the price breaks the low at 107.31, the mid-term downtrend may continue.

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.