The exact 138.2% level is 1.2770 which also
intersects with the 4/15/2005 low of 1.2767. This is compelling technical
evidence that a short term top may be forming. A continuation of strength
past 1.2770 targets the confluence of the 2/18/2004 high / 161.8% extension at
1.2927/31. If this is indeed a short-term top, then look for contra moves
towards the 5/4 low at 1.2570 as well as the 23.6% fibo of 1.1825-1.2764 at
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from FXCM.
Please note the information on this website is intended for retail customers only, and not for any Eligible Contract Participants (i.e., institutional clients) as defined in the Commodity Exchange Act §1(a)(12).