Although dollar's retreat after yesterday's rise to 0.9346 suggests consolidatin below this level would be seen and pullback to 0.9185-90 (38.2% Fibonacci retracement of 0.8936-0.9346) is likely, reckon downside would be limited to 0.9141 (50% Fibonacci retracement) and bring rebound later. Above 0.9300 would bring retest of 0.9346 but break there is needed to signal recent upmove has once again resumed for headway to 0.9375-80 and possibly 0.9400.
In view of this, we are looking to buy dollar on subsequent pullback as 0.9141 should limit downside. Below previous minor resistance at 0.9116 would suggest a temporary top has been formed, bring test of 0.9093 (61.8% Fibonacci retracement of 0.8936-0.9346) and possibly towards 0.9050 before prospect of a rebound later.
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