Fibonacci Retracements Analysis 31.07.2018 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the mid-term sideways movement continues. The most probable targets may be the retracements of 38.2% and 50.0% at 1.1853 and 1.1960 respectively. However, if EURUSD breaks the low at 1.1508, it may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1377 and 1.1296 respectively.

In the H1 chart, the pair is moving upwards. The short-term target is the high at 1.1750. After breaking it, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1810 and 1.1854 respectively.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is trading downwards and has already reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 109.90, 108.89, and 107.89 respectively. The resistance level is the high at 113.17.

In the H1 chart, the pair is being corrected upwards and may soon reach the retracement of 38.2% at 111.57. The next possible target is the retracement of 50.0% at 111.88. the support level is the low at 110.58.