Fibonacci Retracements Analysis 12.06.2018 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, EURUSD has started a new uptrend, which has already reached the retracement of 23.6% and right now is heading towards the one of 38.2% at 1.1857. The next upside targets may be the retracements of 50.0% and 61.8% at 1.1963 and 1.2068 respectively. The support level is the low at 1.1510.

In the H1 chart, the short-term correction is taking the form of the Triangle pattern and getting closer to the retracement of 32.8% at 1.1715. The next downside target may be the retracement of 50.0% at 1.1676.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY has started a new rising impulse, which is heading towards the retracement of 76.0% at 110.62. The next target may be the local high at 111.39. After that, the instrument may continue growing to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 112.66 and 113.45 respectively. The support level is the low at 108.11.

In the H1 chart, the pair has completed the descending correction and right now is trading upwards. After breaking the previous short-term high, the instrument is trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 110.67and 110.92 respectively.