EURUSD--Update on Pattern Shown Yesterday
Quickly, an update on the unfolding impulsive pattern up in EURUSD shown yesterday:
The 4.236 (phi to the 3rd power) Fibonacci target was achieved on Monday. Then on Tuesday and Wednesday price action oscillated around this level before heading higher yesterday.
On this 30 minute chart one can see the internal Fibonacci levels between the 4.236 target and the theoretical 6.854 (phi to the 4th power) target. Notice how price action since the impulsive rally yesterday morning has oscillated around the 38.2% level, with upside action largely confined by the 50% level and downside action confined by the 23.6% level.