EURUSD--Further Update on Fibonacci Pattern
A quick update on the pattern initally displayed in a post on Monday and updated yesterday.
As expected the area right above 1.2150 provided significant resistance. This chart shows the original "base pattern" from which the downward impulsive move was projected, but transposed upward from the 4.236 Fibonacci target around 1.1894. It is this level which has provided support for the weak counter trend rally we have been experiencing this week. As predicted in the post yesterday, the internal Fibonacci levels have been predictive in determining resistance levels in this rally.
As expected the area right above 1.2150 provided significant resistance. 1.2156 was the 0.618 Fibonacci level. The high today was 1.2152 right after the NY open and we have seen significant fall back since that time.