[fxbaja]

Volume normally picks up at 06:00 GMT. Amid the Portugal downgrade, the Euro is under pressure. The 07:00 period has just touched 1.4402, near the previous low of 19:00 candle.

Now testing hard, after brief bounce. Plot low/high for extensions, and remember 10:00 data.

This is observation during real time for study purposes.

[fxbaja]

here it goes now 1.4385

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Stalling at first support at 73. Next are 53, 36, 30 from 2 plots.

[fxbaja]

Can exit partial at/near 59 now

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By now, trader should know if his/her plot was good. Market also respects more than one plot.

High = 1.44866
Low = 1.43958

138.2% = 1.43611 (hit 07:45 candle on 15-min chart)

161.8 = 1.43397

[fxbaja]

Plot tight fibs using high = 1.44166. This will provide retrace levels to monitor. The 23.6% = 1.43678 was just touched at 08:25.

[fxbaja]

Attached is 30-min with MurreyMath, ABC, and regular fib extension.


FE 100 = 1.43630
FE 127.2 same as Regular 138.2
FE 161.8 same as Reg 161.8


Reg 127.2 = 1.43533 (hit 08:00 candle)
Reg 138.2 = 1.43362 (hit 10:30)
Reg 161.8 = 1.429999 (hit 12:30)

MML 2/8th (red) = 1.43433 (hit 09:00)
1/8th (gold) = 1.431127 (hit 11:00)
0/8th (blue) 1.42822 (just hit 14:00)

U.S. markets open 13:30 and we have to relate initial reaction accordingly, much like European open. The Moody's downgrade of Portugal is sending some panic into markets across the board. Fear is whether Spain, Ireland, and Italy is next.

[fxbaja]

This plot was made end June, but don't recal if posted. The horizontal fibs and MML also there. Major pullback at 4/8th after initial spike down, prior to extension which just hit the 261.8 1.43001, Probe to 2/8th MML.

[fxbaja]

Easy to see on 4-hour. Pair bounced off 61.8% fib of 1.42831.

[fxbaja]

Here is updated 1-hour with fibo fan, and adjusted fib plot for extension.

Moved the fib plot High to 13:00 GMT 1511.28, which is about same as June 23rd Low referenced as resistance on last post.

After stall at fan's 78.6, support at High level held through 10:00 data. The 12:00 candle hour saw spike up and eventual hit to 161.8 extension at 15:00 candle period. Fan's 88.6% ray there, and near 50% wide fib.