Fibonacci Retracements Analysis 17.07.2019 (GBPUSD, EURJPY)

17.07.2019

GBPUSD

On the daily timeframe the descending of the instrument has reached a long-term minimum of 1.2395. Hence there is a convergence forming, a pullback to the resistance area of 61.8% (1.2770) may be expected. Further descending may be aiming at the post-correction amplification area of 138.2-161.8% (1.2019-1.1790) Fibo.

GBPUSD_D1_Анализ по Фибоначчи
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On H4 a short-term decline to the local post-correction amplification area of 138.2-161.8% (1.2386-1.2353) Fibo may be expected. However, judging by the convergence, a correction upwards to the local resistance at 1.2579 may follow.

GBPUSD_H4_Анализ по Фибоначчи
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURJPY

The instrument remains in the correction corridor, testing the level around 61.8% Fibo in relation with the previous ascending trend. The goals of the subsequent decline are the same: 76.0% (120.25) and the long-term minimum of 117.96.

EURJPY_D1_Анализ по Фибоначчи
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

On H4 the instrument is developing a descending movement towards the local minimum of 120.78 after a correction upwards. Upon breaking through the minimum, the quotations may head for the new goal a 76.0% (120.25), and later to the post-correction amplification area of 138.2-161.8% (119.80-119.20) Fibo. The main resistance is at 123.36.

EURJPY_H4_Анализ по Фибоначчи
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.