Fibonacci Retracements Analysis 02.03.2021 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after breaking 61.8% fibo but failing to reach 76.0% fibo at 1.2254, EURUSD has quickly reversed due to a divergence on MACD; right now, it is falling to update the previous low at 1.1952. After breaking it, the instrument may continue falling towards the mid-term 61.8% fibo at 1.1888.



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

The H1 chart shows a more detailed structure of the current descending wave towards the low at 1.1952, a breakout of which will lead to a further downtrend to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1.1840 and 1.1773 respectively. The resistance is the local high at 1.2243.

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, the uptrend continues. After breaking 38.2% fibo, USDJPY is heading towards 50.0% fibo at 107.15. Possibly, the pair may reach this level and then, taking into account a divergence on MACD, correct downwards to reach the support area at 23.6% fibo at 104.74. After completing this pullback, the instrument may resume growing to reach 61.8% fibo at 108.23.

USDJPY_H4

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

In the H1 chart, after breaking the previous high, the pair is growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 106.72 and 107.02 respectively. The support is the fractal low at 104.92.

USDJPY_H1

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

Trade the News!

Seize the market opportunities!
Start trading with a reliable broker.
Let an expert help you get started!

Source: RoboForex


Comments

Leave a Reply

Your email address will not be published.

Trade the News!

Seize the market opportunities today! Start trading with a safe and reliable broker.

Let's help you get started!