Fibonacci Retracements Analysis 30.07.2019 (EURUSD, USDJPY)

30.07.2019

EURUSD, “Euro vs US Dollar”

It would be better to analyze EURUSD in the daily chart. As we can see, after completing the correction, the pair is trying to break the previous significant low. However, the short-term situation implies that the price is testing the support. If the price breaks the support, the pair may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.0990 and 1.0918 respectively. The resistance here is close to 50.0% fibo at 1.1260.

EURUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H4 chart, the convergence made EURUSD start a new correction, which has already reached 23.6% fibo. At the moment, the pair is trading sideways between the low at 1.1101 and 23.6% fibo. The most probable scenario implies that the instrument may break this sideways channel upwards and reach 50.0% and 61.8% fibo at 1.1220 and 1.1256 respectively.

EURUSD_H4
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, the current rising wave has got very close to the previous high; right now, it is testing 38.2% fibo again. After breaking the high, the pair may continue growing towards 50.0% fibo at 109.59 to extend the mid-term correction. Moreover, there is a possibility of further growth towards the post-correctional extension area between 138.2% and 161.8% fibo at 109.67 and 110.09 respectively.

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

In the H1 chart, the divergence made the pair start a new correctional downtrend; right now, it is getting closer to 23.6% fibo. The next targets may be 38.2%, 50.0%, and 61.8% fibo at 108.28, 108.08, and 107.87 respectively. The resistance is the high at 108.95.

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.