Fibonacci Retracements Analysis 04.08.2020 (EURUSD, USDJPY)

2020-08-04 17:05    RoboForex

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the divergence made the pair stop at 61.8% fibo and start a new decline, which may reach 50.0% and 38.2% fibo at 1.1595 and 1.1370 respectively. After completing the correction, EURUSD may resume trading upwards to reach 76.0% fibo at 1.2095.

Fibonacci Retracements Analysis 04.08.2020 (EURUSD, USDJPY) Institution Opinions 1
Fibonacci Retracements Analysis 04.08.2020 (EURUSD, USDJPY) Institution Opinions 2

The H1 chart shows a more detailed structure of the current correctional downtrend after the divergence. The price has already reached 23.6% fibo and may continue towards 38.2%, 50.0%, and 61.8% fibo at 1.1633, 1.1547, and 1.1462 respectively. However, if the price breaks the high at 1.1909, the correction will be over.

Fibonacci Retracements Analysis 04.08.2020 (EURUSD, USDJPY) Institution Opinions 3
Fibonacci Retracements Analysis 04.08.2020 (EURUSD, USDJPY) Institution Opinions 4

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after breaking 61.8% fibo but failing to reach 76.0% fibo at 103.70, the downtrend was stopped by the convergence on MACD, that’s why USDJPY is currently correcting upwards and has already reached the resistance area at 50.0% fibo (106.45). If the price breaks this level and fixes above it, the instrument may confirm a reversal and start a new growth towards the high at 111.71.


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

The H1 chart shows a new rising movement after the convergence on MACD. By now, the pair has reached 38.2% fibo. Later, the price may continue the correction towards 50.0%, 61.8%, and 76.0% fibo at 107.02, 107.68, and 108.49 respectively. The support is the local low at 104.18.

USDJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EUR

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