Next day the market moves in a consolidation. As a result of today’s declines again we find ourselves in area of yesterday’s lows, where reoccurred bullish reaction.
As a result of today’s declines the market broke the bottom of the ongoing from the beginning of the week consolidation and defeated the uptrend line, which is currently re-tested. The potential bullish correction could reach even in the vicinity of momentum 50% Fibonacci correction.
As a result of today’s declines the market reached and is re-testing now defeated yesterday resistance1.2565 . Rejection of the current support could pave the way for further growth even in the vicinity of the level of 1.2765.
As a result of today’s growth market overcame local resistance 113.92. We are seeing a strong bearish reaction and it would seem that the potential drop could reach a level of momentum around the 50% Fibonacci correction of today’s gains.
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