Fibonacci Retracements Analysis 03.07.2018 (EURUSD, USDJPY)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the downtrend continues, but right now EURUSD is being corrected. After breaking the low at 1.1508, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1377 and 1.1293 respectively. However, one shouldn’t exclude a possibility that the correction may yet continue to reach the retracements of 50.0% and 61.8% at 1.1962 and 1.2068 respectively.
In the H1 chart, the pair is being corrected to the upside towards the local high at 1.1719.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY is trading towards the high at 111.39. After breaking the high, the price may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 111.49 and 111.84 respectively.
In the H1 chart, the divergence is being formed, which may indicate a reverse after the price reaches its upside targets.
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.