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Fibonacci trading levels

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.

fibonacci study, trend, swing analysis
5 min Fibonacci Trend Analysis

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