EURUSD and GBPUSD: 61.8% Fibonacci level

digital euro

EURUSD and GBPUSD: 61.8% Fibonacci level

  • During the Asian trading session, the EURUSD pair encountered resistance in the 0.98500 zone at the 61.8% Fibonacci level.
  • Pair GBPUSD was stopped at 1.12240 at 61.8% Fibonacci.

EURUSD chart analysis

During the Asian trading session, the EURUSD pair encountered resistance in the 0.98500 zone at the 61.8% Fibonacci level. This was followed by a pullback to 0.98000 at the 50.0% Fibonacci level. EURUSD could further decline to the 38.2% Fibonacci level, where it would test the breaking point. If we find new support there, the pair will form a higher low, and we could start a new bullish impulse. After that, we should see a new positive consolidation and new testing of the 0.98500 level. A break above the euro could signal a continuation of the recovery. Potential higher targets are 0.99000, 0.99500 levels. For the bearish option, we need a negative consolidation up to the 38.2% level, then a break of the euro below. The pair could then descend to test the support at the 0.965000 level. A potential lower target is the 0.9550 level.

EURUSD chart analysis

GBPUSD chart analysis

Pair GBPUSD was stopped at 1.12240 at 61.8% Fibonacci. Now we see a pullback to 1.10500 at 50.0% Fibonacci, and if a break occurs below, our target is the support level at 1.09000 at 38.2% Fibonacci. There we could find support for the next bullish impulse. Then we need to return to the resistance zone at the 1.12000 level. However, we should make a break above and try to hold up there. A new bullish impulse could move us towards the next resistance zone. Potential higher targets are 1.13000 and 1.14000 levels. For a bearish option, we must first go down to the 38.2% Fibonacci at the 1.09000 level. A break below would signal that the pound is weak, and we could see it at lower levels. Potential lower targets are 1.08000 and 1.06000 levels.

GBPUSD chart analysis

The post EURUSD and GBPUSD: 61.8% Fibonacci level appeared first on FinanceBrokerage.


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