EURUSD--Tuesday, May 4, 2010
Almost there.
Looking back to this post from a little more than six weeks ago which ended with the following chart:
The Fibonacci pattern showed a base formed from late December of 2009 until mid January of 2010. There was an extended target (2.618 times the base) around 1.3630. The view of the post was that after an impulsive move down from mid January until February 5th, EURUSD then oscillated around this target. This was shown in the distribution of daily price action from February 5th until the date of the post.
Six weeks later a daily chart shows us approaching the next extensive Fibonacci target (4.236 times the base) which in theory should be around 1.3045..
Will we see some support at this 1.3045 level?
One last chart (an 8 hour chart) shows the distance of the original base (from which the extended Fibonacci target were projected) itself projected upward from the 4.236 target.
