Fibonacci Retracements Analysis 02.06.2020 (EURUSD, USDJPY)

02.06.2020

EURUSD, “Euro vs US Dollar”

The current situation in EURUSD requires us to analyze both mid- and long-term scenarios on the daily chart. As we can see, after the convergence on MACD the pair has tested 23.6% fibo, as well as the fractal high, thus indicating a possible ascending movement towards 38.2%, 50.0%, and 61.8% fibo at 1.1370, 1.1595, and 1.1819 respectively. The key support is the low at 1.0635.

EURUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H4 chart, the pair is correcting upwards and has almost reached 61.8% fibo at 1.1166. The price is in no hurry to break it and move towards 76.0% fibo at 1.1287. A more probable scenario implies a pullback to reach the support at 1.0964.

EURUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs. Japanese Yen”

In the H4 chart, after the divergence, the pair has reached 38.2% fibo at 108.16; right now, it is moving sideways. The most probable scenario suggests that the price may break the high and reach 38.2% fibo. After that, the instrument may continue trading upwards towards the next targets at 50.0%, 61.8%, and 76.0% fibo at 108.84, 109.52, and 110.33 respectively. The support is the local low at 105.97.

USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the H1 chart, the divergence made the pair start a new correction. The price couldn’t break 38.2% fibo for a long time but after finally breaking this level, it has failed to reach 50.0% fibo at 107.03. At the moment, the instrument is heading back towards the high at 108.09.

USDJPY_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.