EURUSD--Friday, December 16, 2011
An update of the chart posted yesterday. Same pattern still seems to be in play, with sideways price action gravitating towards the 2.618 Fibonacci level. More likely to see a bounce up from here before the pattern could continue down to the next target.
Price distribution hourly bars from Asian open, December 14 until Dec 16, 6:00 AM EST.
1.3070 x
1.3060 x x x
1.3050 x x x x x x x x x x x x
1.3040 x x x x x x x x x x x x x x x x x x x x x x x x x x x x
1.3030 x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x < - - 2.618 = 1.3036
1.3020 x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x
1.3010 x x x x x x x x x x x x x x x x x x x x x x x x x x x x
1.3000 x x x x x x x x x x x x x x x x x x x x x x x x x x x x
1.2990 x x x x x x x x x x x x x x x x x x x x x x x x x x x x x
1.2980 x x x x x x x x x x x x x x x x x x x x x x x x
1.2970 x x x x x x x x x x x x
1.2960 x x x x x x x
1.2950 x x x
1.2940 x x
More likely to see a bounce up from here before the pattern could continue down to the next target.
