Fibonacci Retracements Analysis 24.12.2019 (EURUSD, USDJPY)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, the correctional downtrend has almost reached 61.8% fibo at 1.1065 but is not in a hurry to continue. The next descending impulse may reach 61.8% and 76.0% fibo at 1.1065 and 1.1034 respectively, and if it later breaks the fractal support at 1.0981, the price may continue falling towards its long-term lows. The current resistance is 38.2% fibo at 1.1116. If EURUSD breaks it, the instrument may grow towards the high at 1.1200 and mid-term 61.8% fibo at 1.1208.
In the H1 chart, after trying to test 61.8% fibo, EURUSD started a new pullback. The target is the local resistance at 38.2% fibo at 1.1116.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, after rebounding from 23.6% fibo, USDJPY is trading near the high at 109.73. If the price breaks the high, the instrument may continue growing to reach 76.0% fibo at 110.49. Otherwise, USDJPY may continue its decline towards 38.2%, 50.0%, and 61.8% fibo at 107.71, 107.09, and 106.47 respectively.
In the H1 chart, after completing the rising impulse, the pair is correcting downwards and has already reached 38.2% fibo. Possibly, later the price may continue trading towards 50.0 and 61.8% fibo at 109.08 and 108.93 respectively.