Monday, 9 May 2011

Potential for new bearish extension.

Currently the price manage to break below multiday lower trend line and we have a good potential for bearish extension.  

The support and resistance levels which have been calculated with Fibonacci retracement levels are as follow:

  • 1.4353
  • 1.4277
  • 1.4201
  • 1.4107
  • 1.3956

If the price hits the final resistance level of 1.3956 we should see a bounce back to 1.4107

If you have any questions please do not hesitate to contact me and  remember to subscribe for more forex news.
Tomasz Gdynia