EURUSD Fib Fib Fib

05 Oct

The EURUSD had a mixed reaction to the NFP release.  The pairs initial impulse was to push higher above daily price resistance at 1.3030.  The pair went on to clear stops above this level before returning to the .618 fib level at 1.3030 to finish the day.  The EURUSD held stronger than most of the other majors heading into the end of the week.  This could be due to hope of positive news from the ECB regarding Spain over the weekend.

Heading into next week the fib levels between 1.3030 and 1.2970 could be key.  A break above the top of the fib range could open the pair up to a move towards 1.3170.  A break below the bottom of the fib range could lead to a test of 1.2820.  This level is the low of the last few weeks plus the 200 MVA day average rest just below.

Sup    1.2944                 1.2840

Res     1.3030                 1.3170

Keane Plan....Watching the fib range. A break to either side could lead to a test of either 1.3170 or 1.2820.

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