EURUSD--Monday, June 7, 2010
Quickly, a few charts showing an impulsive pattern on the downside, with a 4.236 extended Fibonacci target near today's lows (from which we have bounced nicely). Notice how the previous target (2.618) first provided an area of support, and then, once broken, resistance.
First, a daily chart, showing only the major impulsive downside targets, from a base formation completed in April.
Then an 8 hour chart showing some minor Fibonacci internals within the larger targets.
Look for upside resistance near the initial high today (around 1.1990--1.2000), then at 1.2055, 1.2105 and major resistance at 1.2155.