Fibonacci Retracements Analysis 21.04.2020 (EURUSD, USDJPY)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD continues consolidating and this range is getting narrower; it is heading towards the low at 1.0635. If the price breaks the low, it may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.0505 and 1.0334 respectively. However, one shouldn’t exclude that the instrument may rebound from the low and resume growing to reach 38.2% and 50.0% fibo at 1.1370 and 1.1595 respectively.
In the H1 chart, the descending wave corrected the previous uptrend by 76.0%. Later, there was a local convergence, which forced the pair to start a new growth, which has already reached 50.0% fibo. If the price fails to break the low at 1.0812 and then reach 1.0768 and 1.0758, the instrument may resume growing towards 61.8% and 76.0% fibo at 1.1002 and 1.1056 respectively.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY continues consolidating around 38.2% fibo. The next descending wave may be heading towards 50.0%, 61.8%, and 76.0% fibo at 106.44, 105.20, and 103.70 respectively. The resistance remains at the high at 111.71.
In the H1 chart, the convergence made the pair start a new correctional uptrend, which has already reached 38.2% fibo. The price may yet continue growing to reach 50.0% and 61.8% fibo at 108.16 and 108.44 respectively, but a more likely scenario implies further decline towards the low at 106.93.