Even though the us dollar is experiencing weakness, There is resistance to be found and pivot points still to be driven to the ground. The horizontal lines display continuation and reversal points pertaining to Fibonacci re-trace-mint on prior overall greater trends.
There are 3 scenarios.
-Consolidation around these pivot points, Breaking and returning until a direction is decided.
-A bounce off then and continuation into down trend.At which point we could reapply the Fibonacci for the according downward trend, To identify continuation extents.
-The final scenario, is the pivot points are broken at which point we would apply the correct Fibonacci re-trace-mint, to see possible location of it reversal extent.