Fibonacci Retracements Analysis 02.02.2021 (EURUSD, USDJPY)
02.02.2021
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the situation hasn’t changed much. After completing the correctional uptrend and attempting to break 38.2% fibo, EURUSD has rebounded from it. At the moment, the pair is forming another rising wave to break the above-mentioned level and continue growing towards 50.0% and 61.8% fibo at 1.1976 and 1.1888 respectively. After the correction is over, the asset may start a new mid-term rising wave to break the high at 1.2350 and then continue growing towards the long-term fractal high at 1.2555.
EURUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future
The H1 chart shows that after reaching 38.2% fibo, the correctional uptrend has failed to reach 50.0% fibo at 1.2202. A local divergence on MACD hinted at a further decline towards the low at 1.2054. If EURUSD breaks the low, the asset may continue trading downwards to reach the mid-term 50.0% fibo at 1.1976.
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, the pair has broken the mid-term 23.6% fibo at 104.74; right now, it is still moving upwards. This movement is looking quite confident and stable but the asset may start a new pullback at any moment. After the pullback, the price may continue growing towards 38.2% and 50.0% fibo at 106.07 107.15 respectively. On the other hand, if the asset breaks the low at 102.59, the instrument may continue falling to reach the fractal low at 101.18.
USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future
In the H1 chart, there is a divergence on MACD, which may hint at a new short-term pullback to reach 23.6%, 38.2%, and 50.0% fibo at 104.64, 104.39, and 104.18 respectively. However, a breakout of the local high at 105.04 will complete the correction.
USDJPY_H1