EURUSD--Monday, September 8, 2008
Bottom line, the level I projected as support last night (1.4195) did not hold. The market might trade above this level again in the coming days, but it was broken so convincingly (and so quickly) today that it now looks quite possible the euro will trade down to the next fibonacci level (38.2% of the long term impulsive move, or a 61.8% correction).
On an 8 hour chart it is possible to see how that 1.4197 level provided an area for a bounce on Friday and Sunday night.
But also how it was soundly broken during US trading hours today.
UPDATE--Tuesday Morning, September 9, 2008
The market traded up to the 1.4197 fibonacci level overnight (1.4200 high) but failed to get over it. Current level (7:30 AM EDT) is 1.4152.
