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EUR/USD Approaching Intraday Fibonacci Target |
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By Mark Braun
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January 19, 2012
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We've found that very often the intraday targets provide a strong indication of daily direction too. Once again our 60 minute EURO chart shows a target derived from the swing into the low.
The swing into the low last week was multiplied by 1.272 and projected upward from the low. The red trendlines help in visualizing this. Once that target is met there will be no outstanding upside targets to “pull” price unless the next resistance level is broken too; 1.2979. This leaves the market susceptible to failure once again.
 Click on image to enlarge!
If the target fails to hold, watch price action at the 1.2979 resistance level. If the rally doesn’t hold by that point there will be a stronger shift to upside. That area is key!
For more from Mark including his “Chart of the Day”, visit MJBraun.net. |
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