ABC fib extension analysis.
Bearish Scenario:
As of friday close (Sept 18) the pair has found support at the golden ratio 61.8. The pair could further weaken to find support at 78.6 which coincides with weekly support/resistance line. A further breakdown could result in a test of the 200 MA (red line)
Bullish Scenario:
If the support holds at 61.8% the pair could push to revisit 50% fib and then follow through to test the 50 MA (gold line)
Overall the pair has printed a lower low which could signal the start of a downtrend but not until a lower high is confirmed.
Good luck and always use a stop loss.
Bearish Scenario:
As of friday close (Sept 18) the pair has found support at the golden ratio 61.8. The pair could further weaken to find support at 78.6 which coincides with weekly support/resistance line. A further breakdown could result in a test of the 200 MA (red line)
Bullish Scenario:
If the support holds at 61.8% the pair could push to revisit 50% fib and then follow through to test the 50 MA (gold line)
Overall the pair has printed a lower low which could signal the start of a downtrend but not until a lower high is confirmed.
Good luck and always use a stop loss.
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