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Fibonacci Retracements Analysis 15.08.2018 (GBPUSD, EURJPY)

15 august 2018 - Fx4News

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is still moving downwards to reach the retracements of 61.8% and 76.0% at 1.2580 and 1.2170 respectively. At the same time, the convergence is being formed, which may indicate a possible pullback in the future after the instrument reaches its short-term targets.

GBPUSD1
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 short-term convergence. The targets of the correction that may follow are the retracements of 23.6%, 38.2% and 50.0% at 1.2814, 1.2891, and 1.2951 respectively.

GBPUSD1
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, EURJPY is forming a new descending impulse; it has already been corrected to the downside by 76.0% and is getting closer towards the short-term low at 124.62. if the price breaks the low, the downtrend may continue to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 121.80 and 120.10 respectively.

EURJPY1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is being corrected upwards after completing another descending impulse. By now, the correction has already reached the retracement of 38.2%. The next downside targets are the retracements of 50.0% and 61.8% at 127.29 and 127.66 respectively.

EURJPY2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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