We've marched through the 50 fib of the Nov 2013 swing up and traded a few pips below the 55 wma at 1.6498. As Greg has noted the March low at 1.6464 is a level to watch but the whole area around 1.6460/80 is worth noting.
Seeing over a 700 pip fall since July is getting my buy finger itching for action but I don't think I'm ready to fight this trend just yet. There may be some reward from buying here, if we hold 1.65, but I'd look to keep it very tight with a stop just under 1.6460 level, as after that it could be a quick trip down to 1.6360 and the 61.8 fib.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.