Fibonacci analysis for the EUR/USD:
1- After touching the 61.8% Fibo retracement of the July-August rally, the pair found support at 1.1613 and bounced back.
2- Market back in trading range.
3- Pair met resistance at 1.1760 which is a confluence level (61.8% of September decline and 38.2% of July-August rally).
4- Pair met support at 1.1690 confluence level (78.6% of September decline and 50% of July-August rally).
So far the pair is trading between those two levels, creating an inside bar today.
More action and possibly a breakout expected as we head into the NFP numbers.
Good luck.
1- After touching the 61.8% Fibo retracement of the July-August rally, the pair found support at 1.1613 and bounced back.
2- Market back in trading range.
3- Pair met resistance at 1.1760 which is a confluence level (61.8% of September decline and 38.2% of July-August rally).
4- Pair met support at 1.1690 confluence level (78.6% of September decline and 50% of July-August rally).
So far the pair is trading between those two levels, creating an inside bar today.
More action and possibly a breakout expected as we head into the NFP numbers.
Good luck.
Ramzi Abou Abdallah, CFTe, CMT
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