Otherwise its a simple jump down below 113 facing 108.
Fundamentals are also a big factor so big swings down to the BC .886 or up to the CD 1.618 are respectable long targets to shoot for.
I'm leaning down atm but the environment is volatile so we shall see early next week if the Bull regains footing or the Bear has just begun.
BC - .886 (101.206) - not met but still possible
this study began in the lower 113 valuation range
here we are 400 pips later with a gap filled and no sign of true reversal
I would be extremely cautious with any USD long bets for now, at least until we start seeing some nice bullish fractal 1day candle closes and more importantly 1week candles
- BC fib .886 is still a factor in this study and we remain 800 pips away
- this pair is still active within a Bear channel established last year
one week notes
not looking good for USD imho
UJ just cannot seem to shake out of these fib studys
since we havent broken into the sub 113 range will be looking for price action to decide where we go from here
leg D (up) is not close
leg C retrace (down) also, especially an 886 verify
but lets cross that road if/when