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Fibonacci Retracements Analysis 10.07.2019 (GBPUSD, EURJPY)

10 july 2019 - Fx4News

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the current downtrend is moving towards the long-term low at 1.2395. However, the key targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 1.2402 and 1.2335 respectively. The resistance is the current fractal high at 1.2784.

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

In the H1 chart, the pair is trading downwards. At the same time, there is a convergence on MACD, which indicates a new pullback after the price reaches its closest target at 1.2402. The targets of this pullback may be 23.6%, 38.2%, and 50.0% fibo at 1.2492, 1.2548, and 1.2593).

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, the correction continues. There is a possibility that the price may start a new correctional uptrend towards 50.0% fibo at 123.80, but this possibility is very unlikely. According to the main scenario, the instrument may fall to break the low at 120.78 and then mid-term 76.0% fibo at 120.25.

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 completed the descending wave and started a new correction, which has already reached 38.2% fibo. Later, the correction may reach 50.0% at 122.34. After completing it, the instrument may start a new descending wave towards the local low at 121.31 and the key one at 120.78.

EURJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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