Chart: WorldWideMarkets Alpha Trader
Symmetrical Triangle Study on the 2 hour Chart
Taking the high peak of the chart of 1.3975 (Mar. 12) and 1.3845 Low (Mar. 13) forms the base of the symmetrical triangle. The difference of the two is 130 points which can be used theoretically as the near-term objective if a break-out occurs within the triangle formation.
The break-out occurred at 1.3890 on Mar. 19 which showed a steep descent to the initial support of 1.3810 and finally meeting the 130 point objective of 1.3760 the following day on Mar. 20 at 7:00am EST.
Fibonacci Arc Study
The Fibonacci Arc retracements are well illustrated taking place within the dome of 38.2%, 50%, even at the 61.8% retracements, all from the rebound from the 1.3750 level.
Fibonacci Fan Study
The Fibonacci Fan retracements in this case is not as well illustrated as the Fibo Arc dome retracements, however narrow is the fan range, the 61.8% mark has already been achieved at 1.3801. The same can be said for the 50% retracement of 1.3820 and 38.2% retracement potential to 1.3840 if the euro goes bid.
1.3825 14 Day Moving Average
1.3840 38.2% Fibonacci Fan
1.3845 Mar 25 Double Top
1.3875 Mar 24 High
1.3860 Mar 20 initial Support
1.3850 Mar 20 & 25 Low – Well supported here.
1.3720 Mar 3 Low
1.3640 Feb 26 Low