THE BIG PICTURE: A major fib level can be seen if you measure segment BC. The measurement finds a 61% retracement level just above 1.12 which has been slightly breached. There is another level down at the 1.03 zone which can be seen using the fib extension tool and measuring segment AB and projecting from point C
THE TECHNICAL STANPOINT: As long as the 61.8% level holds, then it becomes apparent that accumulation at that level has taken place. A slight overshoot of the level can be expected. Establishing a swing low on the daily chart will help trigger a buy signal. This is in line with the short scenario that is developing in the DXY
THE TECHNICAL STANPOINT: As long as the 61.8% level holds, then it becomes apparent that accumulation at that level has taken place. A slight overshoot of the level can be expected. Establishing a swing low on the daily chart will help trigger a buy signal. This is in line with the short scenario that is developing in the DXY
THE TECHNICAL STANDPOINT: Since the forecasted low is currently being created it is not a good idea to look for short opportunities. Instead the smarter bias will be to look for strength to build as the euro tries to stay above parity. With that in mind as long as the euro does not break below parity, then be on alert for bottoming patterns to form on the shorter timeframes.