Saturday, January 29, 2011

EUR/USD | Euro/Dollar | Fibonacci Retracement Levels | January 2011

Euro/Dollar | Fibonacci Retracement Levels | January 2011

The Euro/Dollar has reached its highest price in 2011 last week at 1.3754 and finally falling to close the week at 1.3610 on Friday. There is a strong potential reversal point around 1.3750 on this pair for a bearish retracement.

The price level located around 1.3750 on the EUR/USD was often solicited as a support in 2010, as you can see on the daily chart. This same level serves us now as a resistance and become an interesting turning point to enter in a bearish retracement.

The bearish retracement is invalidated by a failure of breaking 1.3551 (Fibonacci Level 23.6) or a new high. A break of 1.38 would lead us in a completely different scenario.

A break of 1.3551 would confirm the bearish retracement scenario for the EUR/USD.

Retracement Levels

Fib Level 0 (January High) : 1.3754

Fib Level 23.6 : 1.3551

Fib Level 38.2 : 1.3425

Fib Level 61.8 : 1.3210

Fib Level 100 (January Low) : 1.2873