Latest News

Fibonacci Retracements Analysis 16.11.2021 EURUSD, USDJPY

EURUSD, Euro vs US DollarThe daily chart of EURUSD shows that the bearish phase is escalating. After testing and breaking 50.0 fibo, the asset is heading towards 61.8 fibo at 1.1292, a breakout of which may lead to a further downtrend to reach 76.0 fibo at 1.1050. At the same time, local convergence on MACD indicates a possible pullback or even a reversal.The H1 chart shows convergence on MACD, which may hint at a possible pullback after the pair reaches 61.8 fibo at 1.1292. If it happens, the asset may grow and reach 23.6, 38.2, and 50.0 fibo at 1.1387, 1.1445, and 1.1491 respectively. A breakout of the fractal high at 1.1692 will result in a further uptrend towards the longterm high.USDJPY, US Dollar vs. Japanese YenAs we can see in the H4 chart, after failing to reach 38.2 fibo at 112.56 after divergence on MACD, USDJPY has formed a new rising wave heading towards the high at 114.70, a breakout of which may result in a further uptrend to reach the postcorrectional extension area between 138.2 and 161.8 fibo at 115.45 and 115.92 respectively. However, the pair may rebound from the high and resume falling towards 38.2 and 50.0 fibo at 112.56 and 111.91 respectively. The key support is the low at 109.11.The H1 chart shows the second test of 76.0 fibo before another attempt to reach the high at 114.70. The local support is at 112.73.

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News