Fibonacci Retracements Analysis 24.11.2020 (EURUSD, USDJPY)

24.11.2020

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, EURUSD has stopped its ascending wave at 76.0% fibo; right now, it is correcting within a Triangle pattern. After completing the pullback and breaking the high at 1.2011, the pair may reach the long-term 76.0% fibo at 1.2094. Another scenario suggests that the asset may rebound from the high and start a proper descending wave to break the low at 1.1603 and then reach mid-term 38.2% fibo at 1.1520.

EURUSD_H4
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 correctional decline after a divergence on MACD. The first descending wave has already reached 50.0% fibo and may continue towards 61.8% fibo at 1.1725. A breakout of the high at 1.1920 will be a strong signal in favor of further ascending tendency.

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, a convergence on MACD made USDJPY skyrocket towards 23.6% fibo but then the pair started a pretty deep correction, which was later followed by another quick growth. In the future, the price may reach 38.2% and 50.0% at 106.43 and 107.44 respectively. The key support is the low at 103.17.

USDJPY_H4
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 ascending tendency after a descending impulse, which has almost reached 50.0% fibo at 104.67 and may later continue towards 61.8% and 76.0% fibo at 104.91 and 105.19 respectively. A breakout of the high at 105.68 will signal that the correction is over. As a result, the asset will continue moving upwards to reach the mid-term 38.2% fibo at 106.43.

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.