This is an updated chart from my other analysis here:
(Low 1.38XX will decide if EUR/USD had a fake breakout or not)
- High 1.37XX region is 38.2% fib level (price did puncture but has closed above it on daily and weekly charts)
- Mid 1.37XX region is Thursday's low
- Low 1.37XX region is the 50% fib level
- Mid 1.36XX region is the 61.8% fib level and previously resistance as well.
- Low 1.36XX region is an untouched level from previous price action as well (forgot why but I have it noted)
Risk is difficult to determine since there are so many potential bounce points but if I had to draw a line in the sand, it would be at 1.65XX/1.655X.
Target 1: Low 1.40XX (Let's face it, price almost always overshoot round numbers by a bit)
Target 2: Mid 1.42XX (High of October 2011)
- High 1.37XX region is 38.2% fib level (price did puncture but has closed above it on daily and weekly charts)
- Mid 1.37XX region is Thursday's low
- Low 1.37XX region is the 50% fib level
- Mid 1.36XX region is the 61.8% fib level and previously resistance as well.
- Low 1.36XX region is an untouched level from previous price action as well (forgot why but I have it noted)
Risk is difficult to determine since there are so many potential bounce points but if I had to draw a line in the sand, it would be at 1.65XX/1.655X.
Target 1: Low 1.40XX (Let's face it, price almost always overshoot round numbers by a bit)
Target 2: Mid 1.42XX (High of October 2011)