The Euro looks like it had a retracement for the first 3 days of the week after breaking out of the Ichimoku cloud, but yesterday saw the Euro’s fall against the USD stall and today saw it reverse back into the bull trend we have been witnessing over the past 5 weeks.
The day chart shows the 5 week rally, drawn by the purple line, going from 1.055 to 1.1444 and then followed by this week’s retracement to 1.1060. Placing the Fibonacci extension line gives us a first target for resistance at the 38.2% extension line at 1.1410; I see that as feasible over the next 7 to 10 days, especially if next Friday’s non-farm payroll figures are week, which would seem likely given the not great data being released the past few weeks.

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