As we can see from Monday’s candlesticks, yesterday trading was different. The new week started with a bearish gap and for almost all of the European session, investors were fighting around the 50% Fibonacci level. In the middle of the European session, buyers managed to break this resistance, which allowed them to close the weekend gap.
Today's European session started with an upswing that began at the 50 Fibonacci line, proving its current role as a support. The closest resistance is still the 38.2 Fibonacci level, which proved its efficiency last Thursday. Although buyers managed to defend the Fibonacci line and avoid a further downswing, it is still too early to definitely claim the end of the bearish correction.
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Dollar Appreciation Stopped, At Least For Now
Published 06/25/2013, 07:39 AM
Updated 01/31/2022, 02:45 AM
Dollar Appreciation Stopped, At Least For Now
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