Fibonacci Retracements Analysis 17.02.2021 (GBPUSD, EURJPY)
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the daily chart, after entering the post-correctional extension area between 138.2% and 161.8% fibo at 1.3790 and 1.3980 respectively, GBPUSD may continue growing to reach 1.40. At the same time, a divergence on MACD may hint at a new pullback soon towards 23.6%, 38.2%, and 50.0% fibo at 1.3650, 1.3464, and 1.3314 respectively. The resistance is the high at 1.3951.
The H1 chart shows a local divergence and the start of a new short-term correction to the downside, which has already reached 23.6% at 1.3860 and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 1.3804, 1.3758, and 1.3713 respectively. the mid-term support is the low at 1.3565.
EURJPY, “Euro vs. Japanese Yen”
In the H4 chart, EURJPY is forming a stable uptrend; it has been able to fix above its previous highs. At the moment, the pair is moving very close to the mid-term 61.8% fibo at 128.65, a breakout of which may lead to a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 129.16 and 130.43 respectively.
The H1 chart shows a local divergence on MACD, which may indicate a possible short-term correction towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 127.66, 127.17, 126.77, and 126.37 respectively. the resistance is the high at 128.45.