Fibonacci Retracements Analysis 31.08.2017 (EUR/USD, USD/JPY)

EUR USD, “Euro vs US Dollar”

As we can see at the H4 chart, the EUR/USD pair is still being corrected to the downside. The correction has already reached the retracement of 50.0%. after finishing this correction, the price is expected to resume the mid-term uptrend. 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 1.2145 and 1.2195 respectively.

At the H1 chart, the pair has completed another descending movement and started forming a new correction or a reverse. The closest targets of this movement are the retracement of 38.2%, 50.0%, and 61.8% at 1.1943, 1.1967, and 1.1992 respectively.

USD JPY, “US Dollar vs. Japanese Yen”

As we can see at the H4 chart, the USD/JPY pair has completed the convergence and right now is moving upwards. The targets of this movement are the retracements of 38.2%, 50.0%, and 76.0% at 110.66, 111.39, and 112.12 respectively. The support level in this case is at 108.27.

At the H1 chart, the situation is similar, but shows more detailed structure. In the nearest future, the price may be corrected to the downside to reach the retracement of 23.6%, 38.2%, and 50.0% at 110.06, 109.71, and 109.44 respectively.

RoboForex Analytical Department