Wednesday, 12 September 2012

DAX tests trend line drawn from 2007 and 2011 highs

EUR/USD tests 0.618 Fibo retracement of decline from Feb peak

Last night's little hourly chart double top didn't produce a sustained reversal, and the EUR/USD rallied higher, today testing the 0.618 Fibo retracement of the decline from the February peak. If the market rises through that level, the next potential resistance zone surrounds 1.30, being round number resistance and the level of the February, March, and April lows.