Fibonacci Retracements Analysis 06.09.2017 (EUR/USD, USD/JPY)

EUR USD, “Euro vs US Dollar”

As we can see at the H4 chart, after being corrected by 50.0%, the EUR/USD pair is trying to form a new ascending impulse. The closest upside target is the local high at 1.2070. After breaking this level, the instrument may continue moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2164 and 1.2230 respectively. The local support is at 1.1821. However, considering the divergence of the long-term uptrend, right now the pair may in the midst of a reverse. The closest targets of the reverse are the retracements of 23.6% and 38.2% at 1.1714 and 1.1498 respectively.

At the H1 chart, the pair is still being corrected to the downside. The targets of this movement are in the area between the retracement of 38.2% and 76.0% at 1.1946 and 1.2005 respectively.

USD JPY, “US Dollar vs. Japanese Yen”

As we can see at the H4 chart, the USD/JPY pair is forming another descending impulse, which means that the downtrend continues. The resistance for this impulse may be the local low at 108.25. After breaking this level, the instrument may continue moving towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 107.35 and 106.78 respectively. The resistance for the current trend is the local high at 110.69.

At the H1 chart, the situation is similar, but shows more detailed structure.

RoboForex Analytical Department