Monday, August 3, 2009

Dollar on its knees as Euro revisits classic Fibonacci number 144

To go along with my previous post about the dollar, note that this has the euro testing $144 which is a classic Fibonacci number in its own right. If it can make this support, then it may seek the $146 area. Now, I've already got the current action testing one of my Fib levels at $143, and this may be a continuation testing just this area, so we'll have to keep an eye on the dollar index as I mentioned earlier to see whether or not it rebounds from $77.92. If 77.92 acts as resistance then the euro may seek the higher levels.

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