Pure Guesswork

Some support for EURUSD seems to be developing right above the 1.2960 level. This can be seen as a Fibonacci 2.618 level on a downward impulsive move (that intersects the completed upward corrective move detailed in the last post.) Notice how there was some initial support, after the first impulsive move down around 1.3140, the Fibonacci 1.618 level. the 2.618 level should provide more energetic support. And certainly, at this point, mid-morning Friday, it seems unlikely the market will continue to probe this downside level.

For theory's sake, to project this pattern down would find the next support around 1.2665, the 4.236 Fibonacci level.