Fibonacci Retracements Analysis 09.03.2021 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

It’s better to analyse the current situation on the daily chart because this timeframe helps to better understand the long- and mid-term market sentiment. As we can see here, after breaking the long-term 76.0% fibo and then failing to reach the fractal high at 1.2555, EURUSD started a new decline after a divergence o MACD, which has already broken 23.6% fibo and may later continue towards 38.2%, 50.0%, and 61.8% fibo at 1.1695, 1.1493, and 1.1292 respectively. The key resistance remains at the high at 1.2350.

The H1 chart shows a short-term scenario. After finishing the correction, the asset has broken 1.1952 and is currently entering the post-correctional extension area between 138.2% and 161.8% fibo at 1.1840 and 1.1773 respectively. However, there is a convergence on MACD, which may indicate a possible pullback with the targets at 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1.1900, 1.1942, 1.1974, and 1.2007 respectively.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the stable uptrend continues. After breaking 61.8% fibo, USDJPY is heading towards 76.0% fibo at 109.52. After breaking the latter level, the pair may continue growing to reach the long-term fractal high at 111.71.

In the H1 chart, there is a local divergence, which may hint at a possible pullback with the targets at 23.6, 38.2%, and 50.0% fibo at 108.21, 107.59, and 107.07 respectively. A breakout of the current high at 109.23 may complete the correction.