Is this uptrend a correction of the previous downtrend ? par Augustus1st
Mr Jerome Powell will speak tonight and give us more informations about the economic situation of USA.
On this point, I think we’ll see a lot of volatility mainly on forex !
Technically, I used Fibonacci retracement on EUR/USD, on the previous downtrend.
As you can see, the different key points are pretty accurate and the price evolution can be stopped on these (or push through…)
What I think :
Retracement rules tells us that 0.382 is a strong point and maybe the most important, in a corrective pattern, for the evolution of the price.
So if EUR/USD pulls back on 0.382, we can go back , first to 0.5 but we could go back to 0.886 which is the first main objectif in Fibonacci Retracements (and more if the trend is strong).
Tonight’s FED speech will be really important mainly for the strenght of US Dollar. Federal funds rates, purchase operations and other economics plans will be the main subjects.
So let’s see the evolution…
