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In a recent analysis, two Fibonacci targets were put to the test as support levels, and unfortunately, they failed to stop the descent. A descending ABCD pattern completed at 2.20, indicating a potential downward trend. The use of Fibonacci ratios, such as the 127.2% derived from the golden ratio, can help identify key levels in the market.
With a close below 2.17, lower prices may be on the horizon. However, support zones are areas of potential support, so a bounce could still be in the cards if a daily close occurs above 2.17. Keep an eye on the price levels, as a break below could signal a move towards 2.00, where the recent price rally began.
Speaking of the 2.00 support zone, this area has shown significance in the past as the initial bullish advance off the confirmed breakout of a consolidation pattern. Further targets for a potential decline include levels such as 2.02 and 1.92, identified through Fibonacci extensions and retracements.
For a comprehensive look at today’s economic events and how they may impact the market, be sure to check out our economic calendar. Stay informed, stay ahead of the game – that’s the Extreme Investor Network way.