Fibonacci Retracements Analysis 06.07.2017 (EUR/USD, USD/JPY)

EUR USD, “Euro vs US Dollar”

At the H4 chart, the EUR/USD pair is being slightly corrected, but the ascending tendency continues. After reaching 1.1444, the price was expected to be corrected by 38.2% towards 1.1327. Later, the pair may grow with the main target at 1.1585. However, to reach this target the price has to break the local high at 1.1442 and the intermediate area at 1.1530 between the retracements of 138.2% and 161.8%.

As we can see at the H1 chart, the pair formed the bullish convergence to indicate that the descending movement, which was considered as the correction of the previous uptrend, was over. The correction reached the retracement of 38.2%; its local low is at 1.1311. Possibly, the correction may yet continue to reach 1.1260 (61.8%). However, after the price breaks the high at 1.1442, the next target will be at 1.1530, between the retracements of 138.2% and 161.8%.

USD JPY, “US Dollar vs. Japanese Yen”

At the H4 chart, after reaching 113.69, the USD/JPY pair was corrected by 38.2% and right now continues growing towards the local high at 114.36. After the price breaks the local high, the next target area will be at 114.18 between the retracements of 138.2% and 161.8%.

As we can see at the H1 chart, the local ascending impulse completed with the divergence. The correction by 38.2% finished. Most likely, in the future the instrument may break the high at 113.69 and then continue moving upwards.

RoboForex Analytical Department