EUR/USD Fibo Projected High

EUR/USD Fibonacci Support

by Autochartist

With the short term intraday charts showing some upside potential as the equities market recovered some of its prior week losses, the EUR/USD has found support near 1.3886.  As this support holds the projected upside target for this ABCD Fibonacci pattern on the 60 minute chart could offer insight into where the rally will exhaust.  This bearish pattern is most often used to trigger either an exit from a previous long position or a short at the projected D level.  If/when D is completed, the market is expected to head lower to the Fibonacci support levels waiting below.  The 38.2% at 1.3939 would be the first potential support if prices head lower.  This pattern has potential excellent balance between the move from A to B and the expected move from C to D.  The D point is only confirmed once prices reach the projected resistance level (pink) on the chart.