Fibonacci Retracements Analysis 06.11.2019 (GBPUSD, EURJPY)

06.11.2019

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, there was a divergence on MACD, which made GBPUSD complete the rising wave at 76.0% fibo at 1.3040 and start a new pullback. The support is at 1.2670. After completing the pullback, the instrument may start another rising impulse to reach the previous high at 1.3012 and then the key one at 1.3381.

GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows more detailed structure of the current descending correction. The pair has already reached 23.6% fibo, but may yet continue falling towards 38.2%, 50.0%, and 61.8% fibo at 1.2699, 1.2604, and 1.2507 respectively.

GBPUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, after reaching 76.0% fibo at 121.55, EURJPY has started a new sideways movement. If the price breaks the resistance at 121.47, the pair may resume growing. The key target is the high at 123.36.

EURJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair has reached 23.6% fibo. In the future, the instrument may continue falling towards 38.2%, 50.0%, and 61.8% fibo at 119.79, 119.27, and 118.75 respectively.

EURJPY_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.