US consumer price growth falls to below 5%, at 4.9%, lower than expected.
The market reacted with high USD depreciation. Expectations of Fed pausing rate hikes remain the same possibly.
It is quite quick to speculate because the market has not tested many times the resistance but for these kind of announcements sometimes the market reacts quickly on retracements.
As per the arrow. The market might reverse to the indicated level 61.8%.
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Would the next step would be to jump up after returning to the 61% lvl?
BDSwiss_Academy
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@gugusheep, Hi, the 61.8% only gives you an idea of where the price will at least retrace to, but it might retrace more. It is a potential support, but in many cases data showed that the market might move lower to the 50% level.