Trend and Swing Analysis
Fibonacci Extension targets
After the wave down (A-B) yesterday in the European Session market consolidated (typical 3 swings) and market found resistance at the decreasing 20 SMA and the 1.28 round number. Market dropped down (C-D) and found some support at the Weekly S2 and the 61.80 % Fibonacci extension from the start of the sudden drop in price from A to B at C at about 1.2757.
The 61.80 % Fibonacci Extension is very often only intermediate support/ resistance in a strong trend where price sometimes reacts/ consolidates before the market goes further to the 100 % Fibonacci extension.
Market dropped down again and reached the 100 % Fibonacci extension (A-B at C) and the 100 % Fibonacci extension from C-D at E at about 1.2729. Market consolidated at the support level before dropping down again in the Asian/ European Session today.
|5 min Fibonacci Trend Analysis|