{"id":8477,"date":"2010-04-12T10:19:26","date_gmt":"2010-04-12T14:19:26","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8477"},"modified":"2010-04-12T10:19:26","modified_gmt":"2010-04-12T14:19:26","slug":"forex-technical-analysis-eurusd-fibonacci-retracement","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/12\/forex-technical-analysis-eurusd-fibonacci-retracement\/","title":{"rendered":"Forex Technical Analysis \u2013 EUR\/USD \u2013 Fibonacci Retracement"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; The long term downward sloping trend line is being tested after the  euro appreciated versus the dollar. The rise in the pair coincides with  the release of the EU rescue package for Greece. The daily chart below  shows to what price the pair could appreciate to following the euro  positive news.<\/p>\n<p>The EUR\/USD daily chart below shows the  current long term downward sloping trend line for the pair. This trend  line is being tested after last nights sharp appreciation in the pair.<\/p>\n<p>There are a number of ways to detect a shift in the trend. Besides a  breach of the trend line, traders can use retracement levels. The  Fibonacci retracement level of 50% has already established itself as a  significant resistance line in May, June and July of last year during  the uptrend, as well as mid March during the downtrend.<\/p>\n<p>While I remain bearish on the euro in general, the price target of  1.3800 for the correction seems probable in the near term.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/04\/EUR_USD_DAILY_CHART1.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/04\/EUR_USD_DAILY_CHART1.JPG\" alt=\"\" width=\"595\" height=\"571\" \/><\/a><\/p>\n<p><em><strong>Forex Market Analysis<\/strong><\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\"><strong>Forex             Yard.<\/strong><\/a><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and             may not be suitable for all investors. There is a  possibility      that     you   could sustain a loss of all of your  investment and      therefore  you     should  not invest money that you  cannot afford to      lose. You  should  be    aware of  all the risks  associated with   Foreign    Exchange  trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; The long term downward sloping trend line is being tested after the euro appreciated versus the dollar. The rise in the pair coincides with the release of the EU rescue package for Greece. The daily chart below shows to what price the pair could appreciate to following the euro positive news. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/04\/12\/forex-technical-analysis-eurusd-fibonacci-retracement\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Forex Technical Analysis \u2013 EUR\/USD \u2013 Fibonacci Retracement&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-8477","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=8477"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8477\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=8477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=8477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=8477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}