The situation on the currency pair does not change much. Most of the day eurodollar exchange rate moved around the level of 1.1220, which is 23.6% fibo abolition of recent increases (1,0821-1, 1343
). At present Eurodollar moves the correction of the recent increases, taking the form of consolidation. Accordingly, it is possible to enhance the recent declines towards the next support at 1.1144, which coincides with the lower limiting current channel downward. Then I would expect at this stage of activation of the demand side. In this case, we would be witnessing a classic correction, which would abolish exactly 38.2% increase wave and would only break in further increases in the direction of the recent highs at 1. 1343
. In the case of a further deepening of the correction consecutive props levels are 1.1082 and 1.1020.
However, if the current correction will stop at the first level of support levels located in the vicinity of 1,1220-1,1245, it will be a signal for further growth. First, the demand side should move towards Monday's high of 1.1285. Then, another natural target appears to be the resistance level
of 1. 1343
(last week maximum).
In my opinion, after the correction, we should see further increases in the levels of 1. 1343